Don`t be dejected if your car loan application was rejected
Tuesday December 2, 2008
It is frustrating and disappointing when you are declined a car loan as it can drastically alter your plans of purchasing a car. But this is no reason to give up on your dream car.
Banks have strict lending criteria to prevent people defaulting. Banks may give obscure responses when you press for an explanation on why your car loan application was declined.
There are main criteria that are used to assess your car loan.
These include:
- Your current income and ability to repay the personal loan. If the loan repayments can't be supported by your income, you will be declined.
- Your credit worthiness. Banks look at any other debts you currently are repaying and check if you have any defaults.
If you feel that you may have been declined due to one of these reasons, there are steps you can take to improve your chances of being approved.
Take a look at Why was my car loan application Declined to find out what you can do to build up your position to get your car loan application approved when you apply again.
Secured personal loans can increase your chances of being approved for a personal loan.
St George secured car loans offer:
- The choice of competitive fixed or variable rates.
- Loan term lengths of between 1 and 7 years
- Quick applications with pre-approval that can give you a decision within as little time as a minute
- Loan amounts of between $3,000 and $80,000 for secured personal loans or between $3,000 and $40,000 for unsecured personal loans
Apply for a St George car loan today.
Compare car loans.
Use our car loan calculator.
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