Declined by Dealership
Insufficient income
Lenders need to make sure your monthly income can sustainably cover your monthly repayments and that you won’t default on the money you owe.
Poor credit score
Your credit score indicates to lenders how capable you are of making repayments. Factors like your payment history and amount owed are heavily weighed in your credit score. Unsecured loans are usually accompanied by even stricter lending requirements due to the additional risk.
Incorrect information or incomplete documentation
Lenders are very conscious of fraud. To ensure their safety, they require that customers disclose all the necessary information upon applying for a loan. If you provide inaccurate information, there is a high chance your application will be rejected.