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I have an income of roughly ~70k, a little over $50k after taxes. My only debts are housing expenses (rent and utilities) which total around $800 out of >$4000 a month net income. Recently, I was rejected for pre-approval on an auto loan for $20,000. However, they said they'd be willing to consider the loan if I brought a purchase order from the dealership.

What's the difference between pre-approval and getting the actual loan? Why would I be denied based on the information I provided?

Edit: My FICO score is 770+. I've checked it a couple times in the past couple months. Once it was 805 and another time it was 777.

  • What type of lender rejected you for the loan? A retail bank? An online bank? – Freiheit Jun 20 at 19:49
  • What is your credit score like? Can you also tag your question with a location please? Sorry for all the questions, these details will help get you a good answer! – Freiheit Jun 20 at 19:50
  • It was a local credit union, but I applied online. They requested proof of income, which I gave them. – Jeff Jun 20 at 19:50
  • Do you have a credit history? – quid Jun 20 at 19:52
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    Why would I be denied based on the information I provided? did you ask them that question? – dwizum Jun 20 at 20:14

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