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Will a bank give me a car loan if I was delinquent on a personal loan?
I was delinquent on a signature loan a year ago, but I've since paid it off. Can I still get a car loan if I was delinquent on this old account?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’ve paid off your delinquent loan, chances are the bank will be willing to work with you on a
car loan
, provided you have maintained a good rapport and been a model customer since then. The only way to know for sure, though, is to ask.Most lenders will be candid with you. If you aren’t qualified, they’ll let you know why, what you need to do to get qualified, and if adding a cosigner would get you approved.
Unfortunately, some lenders might see the derogatory mark on your credit score and decide to deny you—especially online lenders who use an automated system to assess creditworthiness. In this case, you may want to keep your debt utilization to a minimum, pay off any other delinquent accounts, and try again.
If you’re going to finance a car, remember that most lenders will require you to purchase
full-coverage insurance
. Use the Jerry
app to compare dozens of competitive quotes and find a policy that fits your budget.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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