If you’re dealing with auto loan denials and wondering where to turn, here are some suggestions.
Record high auto loan denials are leaving more people stranded.
Even if you meet a lender’s minimum income requirements, your loan could still be denied for other reasons, such as having a short or inconsistent work history, or little to no credit history. Having a high debt-to-income ratio — the amount of debt on credit cards, other loans or a mortgage compared with the amount you’re paid — is another possible reason for loan denial. Also, a loan application could be declined for something simple like incorrect or missing information in your application.
In some states, residents can save and receive matching funds for a car purchase using a type of savings account called an Individual Development Account . IDA availability and allowed usage vary by state, and the social service agencies that administer IDAs may have their own requirements. “Matches would typically be 1:1 but could go as high as $3 to $5 [per dollar saved]. Incentivized savings make it easier to reach goals, and most programs have a financial coach that meets with participants to help create and track goals,” Yepez said in an email.Look into car-buying programs with low-interest loans While they aren’t abundant, car-buying programs with low-interest loans do exist through nonprofit organizations in certain areas.
People in the VCF program are referred by partner agencies and guaranteed a low-interest, 12-month loan, says Martin Schwartz, VFC founder and president. Donated cars are made road-ready by Automotive Service Excellence-certified mechanics at the VFC Full Circle Training Program, which provides auto technician training for individuals with employment barriers.
When asked what advice they have for people who can’t get car loans, Raynor and Schwartz both advised against using BHPH dealers, but Schwartz acknowledged this may be the only option for some people.
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