Back to the Car loan situation. Why I think the bank wouldn't allow me to take out a car loan?

Back to the Car loan situation. Why I think the bank wouldn't allow me to take out a car loan. So first off, I don't have much credit built up.

I have some credit cards and haven't had them for very long. I haven't ever been late on a payments or gone over my credit limit. So I guess that would be the biggest reason to why they wouldn't allow me a loan.

Asked by whit 44 months ago Similar questions: Back Car loan situation bank car Business > Financial Planning.

Similar questions: Back Car loan situation bank car.

No shortcuts or tricks that can take you from no credit at all to a high score in a matter of months or even a few years You've just learned that your request for an auto loan with XYZ Bank has been denied. The loan officer explains that the decision has to do with your credit score. XYZ lends only to prime borrowers; your credit score, she continues, places you squarely in subprime territory.

You may have to pay more than you'd like for the auto loan you're about to receive, but in a couple of years, if your credit score has improved, you'll probably be able to refinance your loan at a much lower rate. :edmunds.com/advice/finance/articles/4824... you don’t have one already, open a savings account with a bank and if possible a checking account too, this will contribute to your credit history building process. Since any transactions made with this accounts will be recorded and reported to credit agencies.

:ezinearticles.com/?Can-I-Get-a-Car-Loan-... wishes,Librarian50 Sources: financialplan.about.com/od/creditdebtman... .

If a bank denies you a loan, you are entitled to know why they made that decision. If you are unaware of any significant credit issues in your history, it's probably as you suspect. They are most likely wary because you have very little credit history.

But it's still worth having a look at your credit report. It won't cost you anything, and you may find erroneous information that led to the URL1 may also be the case that the bank you went through is currently tightening their lending practices. Lots of banks got burned badly by the subprime mortgage mess and are suddenly a lot less interested in taking on additional risk.

It varies from state to state and community to community, but in general, credit unions seem to be a little more willing to make car loans than are banks these days. One caveat: it is sometimes assumed that a car loan isn't particularly risky, since if you fail to make your payments, the bank or CU can just repossess the car. This is partially true.

However, a new car becomes a used car as soon as you drive it off the lot, and it is time-consuming to deal with all the paperwork that goes into a repo. Suffice it to say, they don't make money by doing a repo and that's pretty much the last thing anyone wants to get involved with...

1 Car loans are easy since they can take the car back.

Car loans are easy since they can take the car back.

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Got the car loan from federal credit union and since I am planning to move. Will the federal credit union will get back.

I bought a car (out of state) fr a dealership and took out a bank loan and the dealer stole my $ now I have no car. Sug?

Is there an advantage to doing your financial planning at a bank like harris or is it better to go with edward jones or.

Can they take your car for not paying a unsecured loan.

How to buy a car from a private party who still has a loan.

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