: Why would my pre-approval auto loan be denied, but chance of actual loan approved? I have an income of roughly ~70k, a little over k after taxes. My only debts are housing expenses (rent and utilities) which total around

Vote Up Vote Down   0 Reactions

Login to give Reaction!

Why would my pre-approval auto loan be denied, but chance of actual loan approved?
I have an income of roughly ~70k, a little over k after taxes. My only debts are housing expenses (rent and utilities) which total around 0 out of >00 a month net income. Recently, I was rejected for pre-approval on an auto loan for ,000. However, they said they'd be willing to consider the loan if I brought a purchase order from the dealership.

What's the difference between pre-approval and getting the actual loan? Why would I be denied based on the information I provided?

Edit:
My FICO score is 770+. I've checked it a couple times in the past couple months. Once it was 805 and another time it was 777.

(0)

Login to post a comment!