Why did I get denied a car loan? "

"I have a perfect credit score and a decent job, so I don’t understand why the bank wouldn’t give me a loan to buy a new car. This is also not the first time I have bought a car either. What do banks look at and how can I fix this?"

Answer
“Lenders will typically look at your credit and credit history, your income and debt, and the value of the car you are trying to purchase.
Since you said that you have perfect credit and a good job, the issue is probably with either the value of the car or that you have other debt that could prevent you from being able to pay off the car loan.
The only way to know for sure is to ask the bank. However, you could try applying somewhere else if you feel like the bank is not treating you fairly or consider leasing vs buying the vehicle.”
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Johnny Puckett
Answered on Jul 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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