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Why did I get denied for a used car loan but approved for a new car loan?
"I applied for two loans at my credit union. I got denied for a used car loan, but they accepted me for a new car loan. Why would this happen?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Different lenders have different criteria for approval, so there’s no straightforward answer unless you ask them directly, which is exactly what you should do.
My guess would be that your credit union assigns more perceived risk to used cars than new cars, especially if the used car is from a private seller.
So again, ask them why that would be. They might just have different criteria for each loan, or perhaps they made a mistake or clerical error.”
View full answer
- Gregory R.
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