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I was declined by both banks for an auto loan. Am I pretty much screwed?
I hear Santander has high interest rates but they help a lot of people out.
By lack of job, are you stating you are unemployed? Unless you are receiving long term disability or social security, without a job, you most likely won't find anyone willing to finance you.
@haveus33nm3 wrote:By lack of job, are you stating you are unemployed? Unless you are receiving long term disability or social security, without a job, you most likely won't find anyone willing to finance you.
^^^Exactly. No income = no loan.
I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.
@DrZoidberg wrote:I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.
Yes. The lender wants to know the source and amount of your ability to repay the loan. Credit is only one aspect for qualifying. Income and current debt are critical too. After all, how would you repay a loan if you have no income?
@DrZoidberg wrote:I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.
^ This.