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Why can’t I get a car loan?
I recently applied for a car loan and didn’t get it, but I’m not sure why. Why can’t I get a car loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that! Generally speaking, there are a few reasons someone would get denied a car loan, such as:
- Bad credit
- Irregular or inconsistent income
- Low debt-to-income ratio
- A paperwork mistake
- Short credit history
- Too big of a loan
It’s important to remember that denial doesn’t mean you won’t ever own a car. You do have options.
You can try applying for a loan for a cheaper vehicle. Many lenders are willing to work with a large range of credit scores, but if you have a lower credit score and try to sign for a larger loan, the odds aren’t in your favor.
If you’re not in a rush for a new car, try improving your credit score and saving for a larger
downpayment
.Shop around and you’ll find a lender willing to work with you. Once you’re ready to sign on the dotted line, be sure to shop around for car insurance using the number-one-rated car insurance app,
Jerry
. Lenders will require you have full coverage for your financed vehicle. To help you find the lowest rates on car insurance, Jerry compares personalized quotes from more than 50 top providers. Jerry customers save an average of $879 a year! View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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