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What should I do if I can’t get approved for a car loan?
I’ve tried a few different lenders and been rejected each time. I really need a new car, but I’m a bit lost. What can I do if I can’t get approved for a car loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear you’re having a tough time getting a car loan. The good news is, you still have some options.
If you can’t get approved for a car loan right now, try improving your credit score. You can do this by:
- Paying bills on time
- Paying off outstanding debt
- Not taking out any additional loans
- Reviewing your credit reports
- Paying off any accounts in collections
Beyond this, you should also consider:
- Getting acosigner: A cosigner with good credit makes it more likely for a lender to approve your application.
- Shop around: Every lender is different. Some lenders specialize in lending to those with low or bad credit scores. By shopping around, you have a better chance of finding a loan.
- Ask for a lower loan amount: Getting a cheaper car or saving more money for a higher downpayment can increase your chances of approval, even if you don’t have a high debt to income ratio.
If you’re persistent, the hard work will eventually pay off. And, when it does, the
Jerry
app can help you get the best rate on your new car’s insurance.Once you download Jerry, answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $887 a year.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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