I look bad on paper.

[dakcp2001]

I guess I am going to have to go in person to apply for an auto loan. As I was filling out the online application it occured to me I look really bad on paper. Anyone had this happen? I got denied! I am sort of offended, but I get why they did it.

It asks your current job, how long you have been there and your current address, how long you have been there and if you rent or own. I recently moved & took a new job. I am renting until my home out of state sells, then I will look to buy something. So on paper, all they see is I rent, I have been at my job & current residence for a very short time. There was no place to add any explanations, but I though when they saw my credit history I might be ok.

I was with my previous employer for 10 years and at my previous residence (which I still own) for more than that. I have never paid anything late and have really good credit. Could I have been denied soley based on my length of employment and length at current residence? I do not have a lot of debt and I have savings. I can afford a new car and well I need one mine is getting unreliable.

 

[Dax]

Dont take it personal....From what I hear, it is still REALLY hard to get a car loan. Have you thought of applying through your own bank or credit union? That might give you a better option.

 

[marie1203]

I think maybe you should have waited or gone there with financing already. Because now you will have another credit inquiry in your credit. I think with the new economic situation creditors like to see that you have an stable job that you been in for a while.

 

[dakcp2001]

My bank and credit union that I have history with is in New England I now live in the South. I am getting my own financing, not from the dealer. I don't like how the dealer plays with the financing and car price.

I am stable, have been for the last decade. Just newly moved with a new job. lol. Bad timing for my car to go! But it is starting to go! boo.

I think maybe the bank I have my mortgage with might loan to me I have never been late. But they are in another state. Yuck. What a pita.

 

[meriface11]

We have always gone into the dealer with pre-approved financing paperwork through Capital One. You can do it online. Our dealers matched the rate I had with Capital One, so we went with their financing instead as we were able to get the cars immediately instead of waiting for the check from Capital One.

 

[Hokie4lyf]

I happen to work in financing at a dealership and unfortunately a lot of people that submit online applications automatically get denied due to the application being incomplete. Not saying that was the case in your situation, as obviously I have no way of knowing if it was complete or not, but we see that happen from time to time. Also some lending institutions use a computer system to evaluate your credit worthiness as opposed to a human loan officer. If that's the case, then it may very well be that your new job and residence kept you from being approved. I noticed you said you have moved south. I'm in central VA and if that's close to you, I'd be glad to help any way that I can.

 

[firstcruise]

Is the new job in the same line of business? I doubt they would deny on the basis of new job/residence unless the job is different from what you've been doing. It would seem more likely that your mortgage, rent and other debt caused your debt to income ratio to exceed their guidelines. That's a pure guess on my part, but something I've seen when people move and have the rent payment and mortgage.

 

[princessnoelly]

I happen to work in financing at a dealership and unfortunately a lot of people that submit online applications automatically get denied due to the application being incomplete. Not saying that was the case in your situation, as obviously I have no way of knowing if it was complete or not, but we see that happen from time to time. Also some lending institutions use a computer system to evaluate your credit worthiness as opposed to a human loan officer. If that's the case, then it may very well be that your new job and residence kept you from being approved. I noticed you said you have moved south. I'm in central VA and if that's close to you, I'd be glad to help any way that I can.

I also work at a dealership and all the lending sources we use look at a three year history on job and address. If you move lots and can't keep a job then we get worried. I would suggest you trust the dealership finance people and see if they can get your loan approved. There are TONS of federal requirements dealerships have to follow (truth in lending act) and we can't change the price of the car, state registration fees or taxes, etc to work in our favor. The other thing is some MFGs offer special rates (in some cases it is a discount OR the rate but if you ask they will show you both ways).

Good luck!