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Why didn’t I get approved for a car loan?
I didn’t get approved for a car loan, what do I do? I really need a car and can’t afford to pay for one out of pocket.
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that! Luckily, you’re not completely out of luck. Try these few tips to help you secure a
car loan
:- Try a different lender. Every lender has different requirements. Even if one lender denied your loan application, you could still be approved elsewhere. Try online lenders, banks, and credit unions.
- Get acosigner. A cosigner with good credit can greatly improve your approval chances as they are responsible for the loan if you default.
- Work to improve your credit. Check your credit reports and make sure they’re accurate. Continue to pay your bills and outstanding debts on time.
- Choose a cheaper car. You’re more likely to get approval for a loan on a less expensive car.
- Make a largedownpayment. You become a less risky borrower if you put more money down when purchasing your car.
Hopefully, you can find a loan that best meets your needs and gets you a new car! Just remember, before you drive off in your new car, you’ll need car insurance coverage on it. An easy way to find the best car insurance policy is with the
Jerry
app. Jerry is your ultra-talented car insurance broker for life. It takes less than a minute to sign up and you’ll be presented with competitive rates from 50+ top providers. The average Jerry user saves $879 a year!
View full answer
- Gregory R.
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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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