Help can someone explain this

iVillage Member
Registered: 12-31-2005
Help can someone explain this
7
Mon, 11-10-2008 - 2:45pm
we applied for a truck loan that DH wanted and where

over 40 and tired

iVillage Member
Registered: 06-01-2006
Mon, 11-10-2008 - 4:20pm

I have found that with car loans that it can have as much to do with the car as it has to do with you. We were turned down by several places because the vehicle was older than their guidelines. We were turned down by several more because it had more miles than their guidelines. We were turned down by our own bank even though we did almost almost all of our business through there, and were on time with everything, and had healthy account balances. I think this was because of BK on DH's credit about 5 years ago. My point is, there can be a huge variety of factors influencing a car loan application.

As for how it affects your credit, I don't know for sure. My credit reports do not show if the application was approved or denied, only if the report was pulled in general. As such, I don't think it affects you more if the application is denied. Since the reports were all pulled at the same time are they considered as a group? Just my thoughts,

Marissa

iVillage Member
Registered: 07-26-1999
Mon, 11-10-2008 - 4:22pm

If the dealer applied for a loan for you "to all their banks" you should find out how many banks they applied for loans with for you. They might have applied at ten different banks. That banks that you know of that said no might have seen a large number of applications for credit all at the same time and decided that you were too much of a risk if six other banks might have granted you a loan. I could be wrong on that but it's what I suspect.

You might want to find out who the loan that the dealership said you got was with and make sure it is isn't still open if you aren't getting the truck. You might also want to know how many loans they applied for. I would pull my credit report again if I were you.

I hope you get some more answers from others here.

iVillage Member
Registered: 06-01-2006
Mon, 11-10-2008 - 4:29pm
There is no way that the loan could be open if she didn't sign loan papers. Standard procedure for dealerships is that they shop your loan to a bunch of banks, they get some approvals and see which one is the best offer. They don't neccesarily take the first approval that they get. It's just like pre-approving for a mortgage, getting the approval does not open the loan. It is merely an offer to give you the loan if you actually make the purchase!
iVillage Member
Registered: 12-31-2005
Mon, 11-10-2008 - 4:46pm
I will have to check with the bank tomorrow because the bank that gave us the loan is the one that I have my car loan with and make sure it isn't open,

over 40 and tired

iVillage Member
Registered: 08-14-2007
Mon, 11-10-2008 - 5:34pm
No you arent wasting your time paying on time. I was just reading a financial artice that said even people with good credit are being turned down,

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iVillage Member
Registered: 07-10-2003
Mon, 11-10-2008 - 7:18pm
From the wording in those letters it sounds more like an issue over the value of the truck at least in terms of collateral and not so much YOUR credit scores! Especially given trucks
iVillage Member
Registered: 11-17-2007
Tue, 11-11-2008 - 12:01am

Our first thought has always been it must us or our credit that is causing us to be turned down. This is so common but I think we all are