Answer
Dec 05, 2018 - 09:27 PM
Hi there
There must be some reason why the banks decline your car finance applications, and to stop this happening, you'll need to find out why. There could be a number of reasons, some of which would be:
* There's a blemish on your credit record (such as blacklisting), which will signal to the bank that a car loan would represent an unacceptable risk to them. If so, settle outstanding debt and get written confirmation that you've done so. The bank would be more amenable if you could prove that granting you a loan won't constitute an unacceptable risk.
* Your employment record isn't satisfactory. This could simply mean that you haven't been employed full-time for long enough - banks generally don't approve vehicle loans if the applicants haven't been employed at one place for more than 6 months. In this case, just wait it out.
* Your application is for too expensive a car. Remember that your monthly payments shall not exceed about 1/3 of your post-deductions income, so if the car you want will come with higher repayments, the application will be rejected.
Use these points as a guideline, and solve your problem accordingly. Also try to put together as substantial a deposit as possible, as this will lighten your repayment load, and prove to the bank that you're serious about buying the car.
Hope this helps!
The AskAutoTrader Team
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