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Why did I get denied a car loan? "
"I have a perfect credit score and a decent job, so I don’t understand why the bank wouldn’t give me a loan to buy a new car. This is also not the first time I have bought a car either. What do banks look at and how can I fix this?"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Lenders will typically look at your credit and credit history, your income and debt, and the value of the car you are trying to purchase.
Since you said that you have perfect credit and a good job, the issue is probably with either the value of the car or that you have other debt that could prevent you from being able to pay off the car loan.
The only way to know for sure is to ask the bank. However, you could try applying somewhere else if you feel like the bank is not treating you fairly or consider
leasing vs buying
the vehicle.”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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