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What if I can't get approved for a car loan?
After a long 15 years, I finally retired the first car I ever owned. I’m looking to buy a brand-new car, but my bank rejected my loan application. What should I do if I can't get approved for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re having trouble getting approved for a
car loan
, you should first find out why your application was rejected, and then shop around for a new lender.Ask your lender why you were denied: Lenders are required to provide an explanation for their decision. Occasionally, you’ll be denied for something as small as a paperwork error and just need to resubmit your application.
If the issue is more significant: Contact several other lenders to find one willing to work with you. Lenders cater to a wide range of clients, but requirements vary by company.
You should consider applying through:
Additionally, you can increase your chances of being approved by:
View full answer
- Gregory R.
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