No lending company can guarantee sure approval. Whether you have an excellent credit rating or have pledged collateral to avail of car finance loan Edmonton Alberta, there’s a risk your loan application will be denied. To help you understand why and what you can do about it, we’ve compiled the top reasons borrowers get rejected:
Top Reasons You Didn’t Qualify for an Auto Title Loan
- High Debt-to-Income Ratio: This means your monthly income isn’t enough to cover what you’re borrowing, or you already have too many loans in contrast to your salary. You might be able to overcome this factor if you pay off your existing fast loan or increase your income.
- Lack of Credit: A lender might give you this reason if you’re still building your payment history or are asking for more money than what you’ve previously borrowed. The company will likely advise you to get a co-borrower or co-signer to make your application more attractive.
- Excessive Credit Line: This is what happens when you have too many credit cards with balances or are almost maxed out. Lenders are also wary of applicants who have applied for numerous loans in a short amount of time. Avoid going over your credit card limit and be mindful of the number of loans you apply for.
- Insufficient Collateral Value: Your car might be too old, have high mileage, or low equity. It’s better to choose collateral that’s relatively new and well-maintained.
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