Overhaulin'

Car Loans for new cars?

i used to have writ of summon for my credit cards few years back, owe the bank less than 10k. But recently i have cleared every single cents on Jan 09. Currently self employed. Last year income tax i had file 79K. I am trying to get a loan for a 90k new car. Why all bank reject me?? If it is due to the bad credit record? how long will my record in CBS will be erase? Does it mean that those use to have records with CBS will never be able to buy cars???!!!

Public Comments

1. I also have that problem. Frankly no Bank will approve the loan. I got it from an in-house loan. You may want to check out with agent which provide in-house loan.
2. You have a blot on your report. You have to work to reestablish your good record. It's called a history for a reason. It's not just about your status now. As far as why you are being rejected, there are several problems. (1) Self employed is considered a higher risk (I know from personal experience). (2) Having a small problem with your bills is one thing, but letting it get as far as a summons makes you look like a real deadbeat. (3) You are not including any other information about your financial situation. (4) You are trying to buy a car that is worth more than you make in a year. You don't have the income for a 90K car.