Hey all. So I'm currently trying to purchase a new car because my current one unfortunately has reached it's lifespan.
I tried applying for a loan online via my current bank(Chase) and through the dealership website and unfortunately I was denied for both.
I'm self employed and make about $44,000 annually. Checked CS and currently it's 689. I have a student loan and have three CCs, two of which currently have high balances. I'd like to obviously pay off the CC completely, but it's a little tough at the moment.
Anyway, any advice on increasing my chances of getting approved would greatly be appreciated.
Go in and talk to a dealer with a car in mind, price in mind and down payment you can make. They have lots of financing options and i am sure they dont run them all through thier on line apps. Might still say no, but it would save you from shot gunning apps all over the place. Just my two cents.
Thanks for the input. A buddy of mine suggested that I go in and talk to them as well. Appreciate your thoughts.
Is the score you listed a fico score pulled from here?
I was window shopping for cars and the sales people at Chevrolet were pretty much begging me to take the Chevy Volt off their hands. I live in Alaska though, so I don't know if that is the case elsewhere. Chevy was offering me the maximum NADA for my trade and offering me $3,000 cash back, and some other discount I can't recall worth another $2,000,. The Chevy Volt I was looking at was $42,000 fully loaded, but they were willing to sell for $37,000. The base model was selling for $39,000. Talk about a hard deal to pass up.
I did not buy the Chevy Volt however. I drive over 100 miles/day and its 38 mile all electric range (in perfect conditions) was not worth the trouble for me.