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Why is the dealer turning me down for an auto loan even when I have a 700 credit score and a cosigner?
Why do we keep getting rejected for a car loan when we have good credit? I'm trying to buy a new car with 0% APR financing for 60 months. I have a credit score of 707, but I was denied. I added my mom to the loan as she has a credit score of 730 and we were denied once again. I'm not making a down payment either, if that matters.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you apply for dealer financing, they sell your information or give it to lenders. The lenders then go over your:
- credit score
- debt
- debt-to-income
Just because your
credit score
is good (and your cosigner’s score) doesn’t mean you’ll automatically be approved for a loan. Both you and your mother may have tons of debt or not enough income. If possible, try to scrounge together a down payment. That might help you gain approval.
View full answer
- Gregory R.
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