Why Applying To Multiple Places Won't Get You Approved For An Auto Loan

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Founded by the most prestigious finance team in British Columbia, Titanium Auto Credit is changing the way Canadians purchase vehicles. When you choose to work with us you join our growing family of satisfied customers who saw their dreams come true.

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Tips On Getting AN Auto Loan

Applying To Multiple Places May Be The Reason Why You Don't Get Approved For An Auto Loan

Consider this scenario: you need a vehicle for your everyday life. Your old one doesn’t do the job anymore or you didn’t even have one. You’ve made a decision: it’s time for an upgrade. After doing some research, calculations, budgets, it feels like everything’s in place. You’ve picked your dream vehicle, your family loves it, it will serve you well.

With this intention, your next step to be taken is driving to a dealership and talking real numbers. Can you actually get approved for the vehicle you dreamed of? The finance office seems to be the right place to get that question answered. You sit down, share every private detail about your life, complete a thorough application only to find out you weren’t approved for the necessary amount. Suddenly you learn how relevant that one or two bills you couldn’t pay years ago, now are. They can be the reason that will stop you from getting approved for a car loan.

Consequently, you get anxious. Desperate and start wondering if you’ll ever be able to afford a new vehicle again. Questions like "will I have to drive that clunker of mine for the rest of my life?" pop up all the time. As a result, you start applying everywhere. Multiple ads show up everywhere promising the dream and you go for it. The more one applies the better chance he/she has, right? Actually, no. You couldn’t be more wrong. Everyday thousands and thousands of Canadians see themselves in this very same position and make the same mistake. Applying to multiple places is what prevents most customers from getting approved to a vehicle loan in the first place.

As a matter of fact, financial institutions are very particular and methodical when deciding to lend money. They look at the customer’s history, income, debt ratio, ability to pay and basically their entire lives before deciding whether to approve or not to approve. Applying to more than one place indicates desperation and is seen as a potential credit risk.

The best practice is to go straight to work with professionals you can trust. Some dealerships and finance managers are not only known for their years of experience focused on less than perfect credit and tough loan approvals but also rely on strong relationships built with lending institutions over the years in the business. Use that to your advantage. Leverage those connections and experience towards the best approval you can get today.

Quit applying to multiple places at once.

If you have any questions regarding Auto Loan inquiries don’t hesitate to contact us. We serve British Columbia and Alberta, but feel free to reach out to us even if you’re at a different province and we will be happy to assist you.

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