Re: Why Am I Not Getting Approved?
10-10-2012 06:30 AM
It might not be age per se, but it could be a lack of loan experience. You only had the one installment loan a short period of time (since Jan 2011) and in that time you had a recent late payment. That is what a lender looks at - besides, it looks like you just don't have the income to support a vehicle loan. You would be in better shape if you were able to demonstrate a larger income and had a very good explanation for the late pay. However, you can overcome almost anything by putting down a large down payment. How much were you planning to put down on the new vehicle?