Are you wondering what is the chance of getting car loan approval if you apply for a car loan? This really depends on a few factors. Your chances of car loan approval depend on your current circumstances, credit rating and who you apply with.
Your current circumstances will have an influence on your chances of getting car loan approval. This will take in to account your current employment and earnings, number of dependants, your living status and what credit you have available to you.
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If a lender understands that you are unemployed or on low income they may see you as a greater risk of being able to afford repaying the loan. This may be true if you already have a lot of credit that you are still paying off.
Also if you have a number of dependence then it is not only yourself that relies on you to earn money. Such factors can go against you and the lender may feel you are not in the position currently to have car loan approval.
Another factor of whether you will get car loan approval is your credit rating. Your credit rating is a financial history on you as an individual.
You may be a great person and very trusting, but all lenders are interested in is what you are like as an individual financially.
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If you have history of late payments, have County Court Judgments against your name or even Bankruptcy, they are highly unlikely to accept you for a main stream car loan. Based on this, the lower your credit score, the less likely you will get approved for a standard car loan and more likely to be offered a car loan with higher interest charges.
Who you apply with really is affected by the above factors and whether you will likely be accepted for a loan. If you go with the mainstream lenders and you have a poor credit history or on a low income your chances of being accepted for the car loan is very unlikely.
However, if you have identified these issues and you apply to companies that specialise in working with individuals on a low income or with poor credit your chances of being approved is a lot higher.
It is very important before applying for any kind of credit that you are aware of how your circumstances will affect your chances of being accepted.
Each time you get turned down by a lender it shows up on your credit file so it is important to apply wisely and with lenders that are likely to give you a chance of a car loan.
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