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You was refused a car loan, perhaps because you isa poor credit risk.
Any time you miss a payment on a loan, or are late with utillity or credit card payments, this affects your credit in a negative (bad) way. It lowers your credit score. This is the number the lenders use to determine how great a risk you are for repaying a loan to them. If the number is low, you are a risky borrower. If the number is high, the risk is lower and you would tpyically get a loan.
One other factor that can lower your credit score is your current debt to income ratio. That is the amount of money you pay in bills every month compared to the amount of money you make. If your debt to income ratio is higher than 25%, it is less likely you will get a loan.
What else can I help you with?
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
Can you add a previous car loan into a new car loan?
No, it is not possible. Your previous loan must be completed to get a new car loan
Can the bank hold onto a payment they received the day they repossessed the car and refused to reinstate the loan?
YES, they can and DO. Read your contract about the re-instating part. Was this your 2nd repo?
Is a car loan secured or unsecured?
A car loan is typically a secured loan, meaning the car itself serves as collateral to secure the loan.
What would happen if you refused to sign loan papers for a new car after your husband told them you would?
Divorce. If your signature was needed because of his bad credit, he will not get the car.
How can you find out why loans were refused through the data protection act?
ask the person who refused your loan
What could be done about a no credit car loan?
If one has been refused credit or has a bad credit rating, car loans are still available. Sites such as Carloan 4U, Stoneacre and MoneySupermarket all have information about taking a car loan. They offer credit based on what one can afford regardless of a poor credit rating.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
Can you add a previous car loan into a new car loan?
No, it is not possible. Your previous loan must be completed to get a new car loan
Can the bank hold onto a payment they received the day they repossessed the car and refused to reinstate the loan?
YES, they can and DO. Read your contract about the re-instating part. Was this your 2nd repo?
Is a car loan secured or unsecured?
A car loan is typically a secured loan, meaning the car itself serves as collateral to secure the loan.
How can you calculate your car loan by myself?
(car loan * APR + car loan) / 12/ amount of years. i think
How do you get out of your car loan?
You can get out of your car loan by selling the car you have. You can also return the car to the finance company.
What is the difference in interest between car loan and personal unsecured loan and which is better a car loan or personal loan?
personal loan have a higher interest rate than car loans beacause they are unsecured loans . In car loan the loan is used for only purchase car .In a car loan, the loan is only used to buy a car, but you can use it as personal items in a personal loan. Interest rates start at just 8.50 percent for a car loan, but can rise 16 percent based on one's credit score and credit history. Find out more, please click https://www.indialoanservices.in
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
