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What does partial car loan approval mean?
I applied for car loans at several places, but I only got approved for a partial car loan from my local credit union. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Partial
car loan
approval is great! You weren’t rejected; you just need some help to get the car loan you want.When you get partial car loan approval, the lender approves you for a portion of the loan rather than the entire thing. This could be due to a shortfall in your income or a lower credit score than they require for full approval.
The good news is, since you have partial approval, you can still get the car loan if you:
- Save up more for a down payment to reduce the total amount you’d otherwise need to borrow
- Get a cosigner
- Find a car with a price that matches the partial approval amount
If you decide to move ahead with the loan, the next step is finding the right car insurance for your needs.
Jerry
is an end-to-end insurance broker that allows you to compare rates from dozens of insurance carriers and even takes care of the paperwork and renewals. The average Jerry user saves $879 a year.View full answer
- Gregory R.
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