Incorrect information in the questionnaire
Posted: Tue Feb 18, 2025 10:48 am
By law, banks will reject an application if the total amount of payments on all loans is more than 50% of the borrower's monthly income. If you have a lot of loans and credit cards, this may be the answer to the question "Why won't they give you a car loan?"
To be sure, you need to do the math. Add up all your credit product payments and add the loan payment you are going to apply for to the resulting amount. If it is more than 50% of your income, your application will not be approved.
Difficulties in calculations may arise if you have credit cards. The payment for them is not fixed, and therefore it is impossible to say in advance how much you will pay each month. Perhaps the debt on the card is small now, but in the future the payment may increase. Therefore, when considering the application, bank employees consider the entire limit as the debt amount. This approach can increase the expected costs and increase the likelihood of refusal.
Banks consider those borrowers who provide false information in the turkey mobile database application form to be unreliable. Therefore, you should not try to embellish your financial situation - there is a high probability that the deception will be detected.
If you don't need to confirm your income to get a loan, the borrower may indicate a higher salary in the application than they actually have. But when checking, they often call the company listed as the place of work. In addition, the bank employee may compare the position and the declared income and come to the conclusion that the amount is overstated.
Inaccurate information in the questionnaire may be indicated by mistake - for example, when entering passport data. Therefore, carefully reread the data before sending the application.
What to do in case of refusal
Credit institutions have set time intervals during which you cannot reapply. On average, they range from three months to six months. If you understand why they don’t give you a car loan, you can use this time to your advantage so that the next time you are less likely to be refused.
You shouldn't apply to other banks - they will most likely also refuse, and the records will be included in your credit history. During the next check, they may be interpreted as negative and you will be refused again.
How to increase your chances of getting your application approved
The tactics depend on why your application was rejected. We will tell you about the most common action plans.
To be sure, you need to do the math. Add up all your credit product payments and add the loan payment you are going to apply for to the resulting amount. If it is more than 50% of your income, your application will not be approved.
Difficulties in calculations may arise if you have credit cards. The payment for them is not fixed, and therefore it is impossible to say in advance how much you will pay each month. Perhaps the debt on the card is small now, but in the future the payment may increase. Therefore, when considering the application, bank employees consider the entire limit as the debt amount. This approach can increase the expected costs and increase the likelihood of refusal.
Banks consider those borrowers who provide false information in the turkey mobile database application form to be unreliable. Therefore, you should not try to embellish your financial situation - there is a high probability that the deception will be detected.
If you don't need to confirm your income to get a loan, the borrower may indicate a higher salary in the application than they actually have. But when checking, they often call the company listed as the place of work. In addition, the bank employee may compare the position and the declared income and come to the conclusion that the amount is overstated.
Inaccurate information in the questionnaire may be indicated by mistake - for example, when entering passport data. Therefore, carefully reread the data before sending the application.
What to do in case of refusal
Credit institutions have set time intervals during which you cannot reapply. On average, they range from three months to six months. If you understand why they don’t give you a car loan, you can use this time to your advantage so that the next time you are less likely to be refused.
You shouldn't apply to other banks - they will most likely also refuse, and the records will be included in your credit history. During the next check, they may be interpreted as negative and you will be refused again.
How to increase your chances of getting your application approved
The tactics depend on why your application was rejected. We will tell you about the most common action plans.