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-   -   If I was rejected on a credit check (https://www.revscene.net/forums/590507-if-i-rejected-credit-check.html)

mr_chin 09-25-2009 06:50 AM

If I was rejected on a credit check
 
at the dealership, does the person selling the car still have the power to give me a financing option if I put a large down payment?

bsftong 09-25-2009 07:05 AM

as far as I know, the answer is no. It is not the dealership itself financing you, its the financing company, and it is them that decides whether or not to approve your loan. With that said, a larger down payment could help offset whatever it is that is preventing you from getting approved.

There are however non-prime/sub-prime loans, those are for people with no credit history or people with a low credit score. If you don't get approved for a prime loan, ask the dealership if they can submit it for a non-prime loan (interest rates are quite a bit higher though)

CRS 09-26-2009 10:02 AM

i think this would be better placed in the Business/financial part of the forum....

WHEYsted 09-26-2009 12:19 PM

^ +1

95Z28 09-27-2009 12:41 AM

If you were turned down you can have them try to send another app with a large down payment. Sometimes finance companies will go for this because there will be some equity in the car if it were to be repossessed.

Your best bet would be to get a co signor. But it all depends on why you were declined. If it's due to credit, then a co signor would help. If you were declined due to your ratios (pmt/inc or DSR) then a co signor won't help but a co applicant should help you.

Last resort, try having them submit an application to sub prime lenders. You're going to be offered rates between 10.9-29.9 depending on your credit. If you go for this option, make sure you don't buy something expensive. Buy a cheap car at first, build your credit, then trade in and buy what you want at a much better interest rate.

taylor192 09-28-2009 02:19 PM

If you were rejected on a credit check, you shouldn't be buying a car.

Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar.

static 09-29-2009 12:35 AM

contact these guys, http://www.fourstarautolease.com/

Meowjin 09-29-2009 02:05 AM

Quote:

Originally Posted by taylor192 (Post 6612352)
If you were rejected on a credit check, you shouldn't be buying a car.

Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar.

or he's making money under the table.

taylor192 09-29-2009 08:35 AM

Quote:

Originally Posted by MajinHurricane (Post 6613332)
or he's making money under the table.

That's easy to solve, declare it as a income, build credit, and pay your fair share of taxes.

Westcoast67 10-04-2009 09:33 PM

Was it rejected actually on the credit score or on the debt servicing side (income versus repayment amount)?

mr_chin 10-13-2009 09:44 AM

how much will your score decrease by everytime you get rejected for a credit check?


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