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Who decides whether you're denied or accepted for a car loan?
I applied for a car loan, but I was notified that I was denied. I thought I had a good shot at approval. Who makes this decision? Can I appeal it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A loan officer is the individual who determines your creditworthiness and whether you’re a good candidate for a
car loan
. However, their hands are almost always tied, as they have to use specific metrics to determine your approval and may not be able to stray from these requirements.If you were denied, it’s because you fell short in one of these categories:
- Credit score
- Credit history
- No credit
- Income too low
- Debt-to-income ratio too high
You can certainly appeal the ruling, although you might just get the same response. A better option might be to find which one of these you lack and make the proper steps to improving them. This could mean building credit, paying down debt, or doing a side hustle for some more cash.
If you get approved eventually, don’t forget about the cost of car insurance. Lenders often require full coverage car insurance, which can get pricey. Use the number-one-rated car insurance app,
Jerry
, to find the lowest rates. Jerry compares personalized rates from more than 50 top insurance companies and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!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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