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Posted in Auto Loans
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Question By
Wltr19

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0 People Helped
First Time Car Buyer
I want to get a car loan but keep getting denied why? I have accredit score of 648 and I get denied because lack of credit history and no loan history well duh! I want to begin but I get denied?

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Top Contributor
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an Auto loan is a lot of money

Your credit history is like knowing someone your going to lend money to.

  Would you loan $25000 to a guy you just met on the street on the promise that he will pay you?  or would you lend money to someone you have known for 7 years, that has borrowed money every couple of months and always paid you back on time. 

Thats what your credit report is like.  it gives the lender a picture of how you have managed your money for the last 7 years. 

Most banks offer Secured Credit cards to help establish a credit history.  Thats how most people begin building their credit  history.  you put money into a savings account that they use as colateral for the credit card.  The card looks and works just like a regular card.  Make the payments on time and generally within 6 moths to a year, They will release savings account and convert the credit card to a regular credit card.

Good luck

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Reply by
EddyTX

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also wanted to mention,  Applying for new loans when you've been denied will just lower your score some more.  If you have been denied do not apply for another loan or credit card for at least 6 months. 

Reply by
Neekaboo21

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31 People Helped

I wish Cap 1 did that, I guess they're the exception.

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