Used Auto Loan
15000 personal loan to be used for Auto loan to indepenent dealership?
Hello,
I just tryed applying at agfinance.com for a 15000 personal loan and I was denied. I take home about 42000 each year and my credit is 740 so I don’t know why it was denied. Does anyone know other companies that can get me this loan. I wanted to get an auto loan before but you can’t use it for the independent dealership, it has to be big dealerships like Toyota or Honda. I want to be able to have my own financing at the independent dealership or have freedom to look for a car from a private party. If anyone know any other types of loans that fills these requirements, please let me know. Thanks!
Dave
Auto finance is what I do for a living and since there are 10 different things that go into any lender deciding weather to approve a car loan and you have not picked out a vehicle or agreed on a price, term or anything else for that matter, you need to try your own personal bank first.
As far as your score goes I see people with scores like yours every month that can’t buy a car because their score is based on 1 or 2 credit cards with $1,000.00 limits paid 12-18 times so they have the score but not the profile needed to qualify for a car loan.