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Why did I get denied for a car loan if I have a 690 credit score?
"I recently got denied a car loan with a 690 credit score. I've never missed a payment and make about $50,000 a year. Though, I do have 40% debt utilization on my credit cards.
Why did I get denied for a car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your credit score should be good enough to warrant a car loan. However, that’s not the only thing that lenders consider.
A debt utilization of 40% can definitely work against you, and, if you have a debt-to-income ratio of around 43% or higher, many lenders will automatically deny your loan.
The price of the car might also be too high for the lender to give you a loan, especially if this puts your debt-to-income ratio above the 43% threshold.”
View full answer
- Gregory R.
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