You've spent a lot of time at a car dealership selecting and negotiating a vehicle. The salesperson has applied for financing with the bank they usually do business with (and which gives them a discount). Surprisingly, you're told that your car loan application has been rejected.
Not so fast!
The consultant explains that your credit is weak, your rating is insufficient, etc. He seems to be saying that you're the one who's being rejected. He seems to be saying that you are the reason for the rejection. Not so fast: these are excuses!
The real reason for the rejection
The consultant you consulted and his financial manager probably didn't have the credit analysis skills, time or resources to prepare a serious loan application that matched your borrower profile. They simply submitted a standard application to their usual bank, which unfortunately doesn't deal with the type of borrower you are. This is a very common occurrence.
The solution: a credit analyst
To make sure you get a car loan that's right for you, you need to consult a credit analyst. This professional understands life's difficulties, such as occasional financial problems caused by divorce, job loss, illness, and so on. The analyst will develop a financing application that shows you in your best light and demonstrates your current ability to repay. This application is then submitted to financial institutions that are open to weak or difficult credit files.
The best rate
An experienced credit analyst knows which institutions to negotiate with and is directly connected to them. To get the best financing terms on the market, his usual strategy is to openly put several lenders in competition for the same request. He usually receives responses within minutes. This strategy is always advantageous for the consumer.
The moral of the story
Many consumers are turned down for credit because of the inexperience of a consultant. If this is your case, don't give up hope and consult with an experienced credit analyst at a reputable dealership to get the car loan and vehicle that's right for you.
Kia Financing Program
Did you know? Kia offers a preferred financing program to help consumers who have been turned down by traditional lenders. Ask a Kia dealer about 2nd Chance Credit.
