Looking for a car can be a time-consuming exercise as can be a car loan. Many borrowers choose to use car dealership finance options, but most car dealers only have one (or a small range) finance options available.
This means the car dealership may not be able to provide solutions for borrowers with low credit or abn holders or borrowers who work casual or part time jobs.
If you have been declined for car finance – you still have options to apply for a loan for a new or used car finance.
Reasons why you get rejected for car finance at a car dealership
- Poor Credit Score
- Insufficient Income/funds
- Incorrect Information
- Incomplete documents
- Not an Australian Resident
- Loan doesn’t service
Ask the dealership why the loan got declined
You should be able to find out why the car dealer finance got declined. It could be poor credit score, past defaults or you simply don’t meet the car dealer lender strict requirements. Remember not all banks and lenders have the same lending criteria
Using a Finance Broker
It would be helpful to speak to a broker to help you navigate the loan process and find a lender to suit your requirements.
What to do next – Call Cashflow Recovery
If you are unsure what your options are the team at Cashflow Recovery can help talk to you about your situation and provide options for car finance. We work with many lenders including banks, peer to peer lenders, boutique lender and more.
Call us on 1300 885 244 or Contact Us