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What to do if you're Denied a Car Loan from a Bank in Grimsby

What to do if you're Denied a Car Loan from a Bank in Grimsby

If you recently been denied a car loan from a bank in Grimsby, do not let that stop you from pursuing your goal of buying a new car.


The major banks are flush with cash, but they have tightened up their underwriting requirements, and your rejection could be due to a host of variables like errors inside your credit report.


Before we can show you how to get a car loan in Grimsby, let's spend a few minutes looking at how these lenders operate so you can understand why you were rejected in the first place.


Major financial institutions rely heavily on artificial intelligence


When you complete an application for any type of financial product where credit is involved, it goes through an algorithm where a machine decides whether you can move to the next step in the loan process.


Your car loan application more than likely was never reviewed by an actual human being; the software just looked at your credit score and reports from TransUnion and Equifax and decided you did not fit their profile.


Thousands of Canadians, just like you, are denied a car loan from a bank because of technical glitches.


Suppose your credit report has any mistakes in it.


Those errors could be the root cause of the rejection, or perhaps your credit score is not at the level the big banks are willing to finance. You should get a free copy of your credit report right away in either case.


How to properly address errors inside your credit report


You may feel frustrated about the errors in your credit report and want to rant about it on social media, but that will not solve the problem.


The Government of Canada regulates these credit reporting agencies. It forces them to correct mistakes, but you, the consumer, need to go through the proper dispute channel.


It can take up to 30 days for the mistakes to be removed, so be sure to document all of your correspondence with the credit reporting agency.


Finding the right car loan provider in Grimsby


While you work on correcting your credit issues, it is time to begin looking for a car loan provider that will look at you as a person and not just a credit score.


Unfortunately, these lenders cannot be found online; they simply don’t have the advertising budget to compete with the big banks.


The only way you will find lenders that are willing to give you the service you deserve is through a local dealership.


These dealerships specialize in providing world-class customer service; it is their bread and butter.


One of the benefits of working with a local dealership aside from the top-notch customer service is the ability to secure competitive loans from non-traditional lenders.


The dealership will be able to find lenders who will provide a competitive car loan at very reasonable terms.


We hope you follow these suggestions, contact your local dealership today. They can show you how to handle any credit issues you might have.


You are going to be very happy with your new car, just be sure to share your experience with family and friends.


If you were recently denied a car loan from a bank in Grimsby, we'd love to help you find one. Simply fill in the form below and we’ll get back to you ASAP! 


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    Categories: Auto Loan

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