April 25, 2023

Denied a Car Loan? What To Do

Owning a car is an essential part of our modern lifestyle. It gives us the freedom to go wherever we want, whenever we want. However, getting approved for a car loan is not always easy. If you've been denied a car loan, don't fret! It's important to remember that being denied an auto loan doesn't necessarily mean you won't be able to get a car loan in the future.

Stuck Without a Car Loan?

If your car loan application was denied it can certainly be frustrating, but it's not the end of the road. First, don't give up hope. There are many reasons why people get denied car loans, and it doesn't mean you're a bad candidate.

One of the main reasons people get denied car loans is because their credit score is too low. If this is the case, you can work to build your credit score by paying off any outstanding debts and ensuring you make monthly payments on time. Another reason that you've been denied a loan might be that you're asking for too much money. Consider buying a less expensive car or putting down a larger down payment.

Here are some steps you can take if you've been denied a car loan:

  • Ask why you were denied: If you've been denied a car loan, ask the lender or dealership for an explanation. They should be able to provide you with a reason, which could be anything from a low credit score to a high debt-to-income ratio.
  • Check your credit report: Your credit score is a major factor in whether you'll be approved for a car loan. Check your credit report to make sure there aren't any errors or inaccuracies that could be hurting your score. If there are, you can dispute them with the credit bureau.
  • Improve your credit score: If your credit score is low, work on improving it before applying for another car loan. To build a good credit score, pay off debt, make on-time payments, and keep your credit card balances low.
  • Try a different lender: Just because one lender denied you a car loan doesn't mean another one will. Shop around and see if you can find a lender who is willing to work with you.
  • Apply for a secured loan: A secured loan is a type of loan where you put down a deposit as collateral. This can help you qualify for a loan even if you have bad credit.

Bad Credit Car Dealers

In Omaha, Lincoln, Wichita, or Kansas City having a car is pretty much a must, especially if you work, have children, or have a partner that depends on you for transportation. But if you have a bad credit score, it may be hard to get an auto loan to finance your car.

If you have been stressing out about how to get a car loan to buy a car while you have bad credit, that stops now. You’ll never be subject to a credit check here at Drive Fast USA, so one of your major obstacles to getting a quality used car is eliminated when you choose to come to our no credit check car dealers.

Who Is A Candidate for A Bad Credit Car Loan?

If you’re located near one of our locations and have a weak or nonexistent credit score, you are a likely candidate for no credit car loans. But lenders will still have minimum eligibility qualifications for bad-credit auto loans. These include:

  • A monthly income of at least $1,500 gross (pre-tax)
  • 18 years of age or older
  • Current resident and a legal citizen of the U.S.
  • Full-time employment or a guaranteed fixed income
  • Able to show proof of residency, such as a recent utility bill
  • A working phone number for the address listed on the application
  • A debt-to-income ratio that does not exceed 50%
  • A payment-to-income ratio that does not exceed 15-25% of the applicant’s income
  • A loan-to-value ratio that doesn’t exceed the lender’s maximum allowed

Vehicle Loans by Drive Fast USA

No matter your credit situation, the Drive Fast USA financing specialists can help tailor a finance package to fit your needs. Our experience with a wide variety of financial institutions helps us provide financing for all credit levels.

Drive Fast USA in Omaha, Lincoln, NE, Wichita & Kansas City - Buy Here Pay Here - We offer bad-credit Car loans

If you’re located near Omaha, Lincoln, Wichita, and Kansas City and have a weak or nonexistent credit score, you are a likely candidate for no credit car loans. However, lenders will still have minimum eligibility qualifications for bad-credit auto loans.

Are you looking to buy a car? Our stress-free car shopping experience will have you driving home amazed at how fast and easy the process was. Just because we’re a “Buy Here Pay Here” car lot doesn’t mean we don’t have a great selection of pre-owned vehicles to choose from. Our inventory is continuously being updated. That means if we don’t have the perfect vehicle for you, be sure to check back next week or even the next day.

In any case, we’re confident that we’ll have something that will fit your tastes, needs, and budget. We encourage you to browse our inventory online in Omaha, Lincoln, Wichita, or Kansas City to narrow down your preferences to make things even faster when you visit our auto dealership.

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