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Posted in Auto Loans
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aaniles

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Applied for an auto loan under business and was denied. Can I reapply under personal?
I recently applied for an auto loan. I have very good credit, in the upper 700s. My bank, however, denied my application because I put on the application that it was for a business. I am buying the car for my personal use, but thought to use it for uber every once in a while, but not as my job. Regardless the bank denied me. I don't understand the issue, as my credit is fine. Is it possible for me to apply with another bank or am I now screwed out of getting a car?

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Apply with another lender and keep the business part out of it if you believe that was the reason for your denial. You could also go to a dealership, find the vehicle you want and apply for financing there, many times dealerships work with more flexible lenders. And remember, more goes into it than just your credit score, many factors will go into a lender's decision, such as your overall credit profile, length of employment, debt to income, value of auto, amount of down payment, etc.  

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