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Posted in Auto Loans
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Question By
herrobrandon

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I have a credit score of 741 and make 57,500 a year but cannot get approved for an auto loan...
I was denied for an auto loan on a $12,000 car with a $1250 trade in vehicle and a $250 aka $10500 financed. I have a 741 credit score and make good money, I live in Oklahoma cost of living is cheap, and I cannot get a loan for a car. I am a recent college graduate and I just got my first job as an engineer. I was denied a loan for a car from a credit union and only approved for a 20% interest loan on a very short term that I did not accept. I need a new car to get to work because mine is dying. Why can I not get a loan and what is my best shot of getting a reasonable loan or lease? Should I try and lease or buy a new car? Thanks

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Spend some time looking for other lenders, I am sure that there are many out there that wouldn't have a problem lending to you.

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It is possible that the short employment history is a factor.  You should receive a written letter telling you why the loan was denied and which credit bureau was consulted.  Then you can get a copy of that credit report and can dispute any erroneous information you find on it. But keep trying.

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