Don`t be angry if your car loan application is declined
Tuesday December 2, 2008
It is disappointing if you are declined a car loan. It can affect your plans of purchasing a car. But this is no reason to give up just yet.
Banks have strict lending criteria to prevent people defaulting and exploiting the system. This is usually why banks will give unhelpful responses when you press for an explanation about why your car loan application was declined.
Consider these two factors that banks look at:
- Your current income and ability to repay the car loan.
- Your credit worthiness.
If the loan repayments can't be supported by your income, you will be declined. Banks also look at any other debts you currently are repaying and check if you have any defaults in the past few years. If you do have defaults, you will probably be declined.
Take a look at Why was my Car Loan Application Declined to find out what you can do to improve your chances of having your car loan application approved when you apply again.
Did you know...
That secured personal loans can increase your chances of being approved for a personal loan, especially with car loans?
St George secured personal loans offer:
- The choice of competitive fixed or variable rates.
- Loan term lengths of between 1 and 7 years
- Loan amounts of between $3,000 and $80,000 for secured personal loans or between $3,000 and $40,000 for unsecured personal loans
Apply for a St George car loan today. Quick applications with pre-approval that can give you a decision within as little time as a minute
Read Why was my Car Loan Application Declined here.
Compare car loans.
Use our car loan calculator.
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