Credit Ratings and Loans?
I just got turned down for a loan on a ATV.. I’m just wonding what the hell I have to do to get a loan. Last I checked my credit score was in the 700′s and I have been making payments on a car on time every time for over 2 years now. I don’t have a high paying job, $10 an hour, but I have had it over a year and have lived in the same place for over 6 years. I’ve not been unemployed since I was in Highschool 17 years ago. I rent an apartment. What is it really that loan companies look for? and what do I need to do to start being approved for them? (if you really don’t know, please don’t answer, only serious real answers please [I will give a negative vote for all the stupid answers]) I am very fustrated..
Hi LokoLobo,
Here is a partial answer. An ATV is not very good collateral for loan companies to repo and resell to cover the loan, and so they are very picky. Second, how long has it been since you checked your credit score? If it’s been over a year, it could have dropped since then.
Get another copy of your credit report. Congress passed a law more than a year ago allowing you to get it free once per year from each of the three agencies. That means you can get it free three times a year. Go to http://www.annualcreditreport.com authorized by the Fair and Accurate Credit Transactions Act (FACT Act).
Next, study it. You will see which entries are lowering your score. Too many inquiries from your credit applications for an ATV loan will also lower your score.
But having a good credit score isn’t enough. Loan cos. look at debt to income ratio and available credit to income ratio. Apparently the loan co. thinks you don’t earn enough.
In the meantime, you want the ATV. The ATV dealer probably uses only one loan company. You can get your own loan company. I did a little surfing on the Web for you, and did find a site that rates lenders for peeps like yourself that are being denied: http://lendersrated.com/index.htm
I hope this helps you.
Leafgreen
Polaris ATV 2008 Review
