Applying for Honda financing and getting turned down can be a downer, but you still have some options if you are set on buying a car from Honda Van Nuys. Our seasoned finance professionals have some suggestions to help your loan or lease approval chances.
Look for a Co-Signer
Much of the time, a driver is denied financing because of their credit history. In some cases, they have a low credit score due to how much debt they hold and mistakes that they have made in the past. Sometimes, a driver does not have much of a credit history. This is a common problem for younger drivers.
Sometimes, drivers in this position can get a loan if they get a co-signer. This is someone with a higher credit score who is willing to sign up for your loan with you. Your cosigner will be financially responsible if you fail to repay the loan, giving lenders more confidence.
Check Out Your Alternatives
Leasing has stringent approval criteria, so you may qualify for a loan even if your lease application is declined. You can also buy a less expensive vehicle, like one of our pre-owned Honda models. Choosing a smaller loan on a less expensive car may improve your approval odds.
Pay Down Debts
If you are deep in debt, paying off some of it can help you improve your credit score. If your debt-to-income ratio improves, a lender might be more willing to give you the Honda financing you need.
Visit Honda Van Nuys for Car Financing Assistance
If you have more questions about financing or our lineup of available vehicles, visit our Honda dealership in Van Nuys. Our knowledgeable staff members would be happy to help you out. We hope to see you soon for a test drive!
