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Question By
allyeld

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auto loan question
My name is Alice. Everytime I log onto my creditcarma site I am being shown several auto loan options that suggest lowering my interest rate and helping my credit score. The credit Carma site always says that basically I am the perfect candidate for these loans and its pretty much a given that I will be approved for any of them. So I finally applied for one of them a few months ago and since my vehicle is a 2004 the guy said he didn't think he could get me the loan. Even though it only had 70,000 miles on it at the time. And the kicker is he never even got back with me to tell me for sure that they couldn't finance our car. And it gets even better of course it affected my credit score because he checked my credit when I was on the phone with him. Why does credit Carma keep putting these offers to refinance my vehicle from different companies on their sit? All of these companies have to know what year my vehicle is!!!!!! So why are they offering to refinance it if they can't????

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Companies can preapprove you for a car loan purely based on your credit score.  Actual approval is based on your income and your vehicle, which they have no way of knowing until you apply.  Credit Unions are more likely to approve loans on older vehicles. Banks usually only want new vehicles. 

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