WHAT TO DO IF YOU’RE TURNED DOWN FOR GMC FINANCING

Aug 21, 2023

Have you been turned down for GMC financing recently? Getting rejected for auto financing can feel rough, but you still have plenty of options if this occurs. Brown and Wood Buick GMC recommends these steps if you’ve been turned down for GMC financing.

IMPROVE YOUR CREDIT SCORE

You may get rejected because of a low credit score or poor credit history. By improving your credit score and showing that you’re a reliable borrower, you can demonstrate to financial institutions that you’re eligible for financing.

DISPUTE ANY ERRORS

We’ve seen it happen before: you settle a medical debt, but your credit isn’t updated. Perhaps your identity was stolen. Credit report errors occur, and if you’re rejected for GMC financing, it’s not a bad idea to make sure your report is clean by contacting the credit bureaus if you find errors.

ADD A CO-SIGNER

A co-signer helps assuage financial institutions that aren’t as confident in your financial standing. Your co-signer will assume responsibility for the loan if you fail to make monthly payments, so it’s essential not to take on a larger loan than you can afford.

SEEK OTHER OFFERS

Different financial instruments have different qualifications. If you’re turned down for a lease, you may still qualify for a new car loan or used car financing. Keep your mind and options open.

GET PRE-APPROVED NEXT TIME

When you’re ready to try financing again, we recommend applying for pre-approval first. This lets you verify your financial details and make smarter shopping decisions; it can also speed up the overall loan process.

EXPLORE GMC FINANCING OPTIONS AT BROWN AND WOOD BUICK GMC

Even if you’ve been rejected for financing in the past, we can leverage our network of lenders to help you find alternatives. Contact Brown and Wood Buick GMC today to see what financing offers are available.

Categories: Finance