The car from 2014 was traded for the 2015 loan. I have another loan from Santander on a 2008 at 18% and thinking of chucking it. My 2015 car I am on the loan alone and the 2008 I am co with my wife. Got rejected when i applied with her as a co as well. Not a big deal thought it was bizzare with a clean auto history. Reasons for rejection are as follows
al CC issues and not auto or home loam issues)
Account opened in the last 36 months 30 days or more past due or derogatory 90 days delinquent or derogatory reported on trade line within the first 12 months from opening
Percentage of revolving trades never delinquent or derogatory in the last 24 months is too low
Key factors that adversely affected your credit score:
Too many credit inquiries made in the last 12 months
Account opened in the last 36 months 30 days or more past due or derogatory 90 days delinquent or derogatory reported on trade line within the first 12 months from opening
Percentage of revolving trades never delinquent or derogatory in the last 24 months is too low
Ratio of balances to limit on bank revolving or other rev accts too high Time since delinquency is too recent or unknown
Number of accounts with delinquency Serious delinquency and public record
@Anonymous wrote:
@Anonymous wrote:With a 567 you cannot get mad if any lender denies you. I follow the industry and several lenders have made statements of scaling back on subprime lending and becoming more conservative, Santander is one of those lenders. Within their portfolio they are trying to balance risk a bit more than in the past. This is because delinquency rates for subprime auto loans has been rising these past several months. Lenders change their policies all the time to keep that balance. Your best defense is to work on rebuilding, I was in your situation a couple of years ago and was able to refinace a high interest Santander loan about 6 months after i struggled to get it with NFCU for 1/3 the interest. Putting some effort info rebuilding is the best investment I could have made. Saved about 6k in interest over the life of the loan.
I'm not mad just surprised given I have no 30 day baddies on an auto loan with them and Chrysler. I will just keep my 2008 for now at 18%, small balance at 6,300 and feel fortunate the car is very sound mechanically and payment is only 196.28 a month. Car is uncomfotable though but I only drive it short distances.
In all honestly if I was a lender, I would give me an auto loan but a credit card no way.
From a lender's perspective it doesn't matter if you've "behaved" with your auto loan payments. You haven't been as diligent with paying your debt on time in general, and that's what concerns them.
I have to disagree with your last statement, I absolutely wouldn't give you an auto loan if I was a lender. I would look at your payment history for the last two years, and I would wonder why your scores have been in the low 500's for so long.
