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What happens when a lender rejects a car loan application because they can't verify the income of your co-applicant?
I bought a vehicle two weeks ago. I have low income, so I had my grandpa apply for a loan with me (he's the primary on the account). Yesterday, I got a letter from the bank saying my loan wasn't approved because they couldn't verify my grandpa's income. What now?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You shouldn’t worry too much about it. Lenders and dealerships have a 10-day period to rescind the financing offer. Since you’re beyond the two-week period, the contract is legally binding.
In all likelihood (it sounds like you financed through the dealership), the financing department at the dealership sent your loan information to several companies. While this particular lender rejected your application, you were approved by another one.
Unless you get a call from the dealer regarding your loan, don’t sweat it.”
View full answer
- Gregory R.
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