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If your loan is even approved this may result in them offering you a higher than average interest rate or a limited loan amount.
If your first loan application is not successful, it is a good idea to review how you are spending your money before applying for another loan. You could also ask why your loan was turned down and this could help you prepare better for future applications. A loan refusal could be budget related, meaning that you don’t have enough free cash after honouring your monthly commitments or you might not be able to afford the car you want right now, according to your income.it is important to remember that your car payment should not take up all your disposable income as there are also other costs when it comes to vehicle ownership such as insurance, fuel and maintenance that need to be budgeted for.
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