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Posted in Auto Loans
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grassie72

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auto loan declined??
I Applied for a car loan Application with central Florida credit union several times between the amount of 15,000-19,000. I began building my credit about 6 months ago with a secured credit card and now have a 664 creidt score so i thought i could some kind of loan. The First two times i was issued a counter offer status then after i was declined with comments such as " Insufficient Discretionary Income" and "Excessive obligations in relation to income" i dont undersand this since i have a job that i get at least $1100 a month and i dont pay rent so i could easily pay the loan back each month with monthly insurance includd. Could somone explain why i was declined or if my amount requested was too much and/or what amount is resonible to request. Also im 19

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Many lenders have a minimum income qualification, a lot of lenders require an income of $2000 per month. Even if you don't pay rent, that isn't the only thing that is factored into your "debt to income" ratio. You most likely have other payments or credit lines that they counted against your income. You could try looking for other lenders, but it will be difficult to find a lender to loan that high of an amount with your current income and credit score.

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