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What if I can't get approved for a car loan?
After a long 15 years, I finally retired the first car I ever owned. I’m looking to buy a brand-new car, but my bank rejected my loan application. What should I do if I can't get approved for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Wow, 15 years is a long time to have a car—you should be proud you took such good care of it!
If you’re having trouble getting approved for a
car loan
, you should first find out why your application was rejected, and then shop around for a new lender.Lenders are required to provide an explanation for their decision. Occasionally, you’ll be denied for something as small as a paperwork error and just need to resubmit your application. However, if the issue is more significant, you should contact several other lenders to find one willing to work with you.
Lenders cater to a wide range of clients, but requirements vary by company. So, you should consider applying through:
Additionally, you can increase your chances of being approved by:
Once you have been approved and are looking to finalize the paperwork, note that you’ll need
proof of insurance
. To make finding a new car insurance
policy simple, use Jerry
—an insurance comparison app that shops for low prices with over 50 different insurance companies for free.You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away. The average Jerry user saves $879 a year on car insurance.
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