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No vehicle finance despite good credit rating

Sep 16 2014 16:26
Fin24

A Fin24 user is baffled, because his application for vehicle finance was declined despite his good credit rating. He writes:

I earn about R13 200 after deductions and my monthly expenses, including rent, electricity, clothing accounts, cellphone contract and credit card amount to R7 050.

The car I was applying for costs R89 900, which would mean a repayment of about R2 083 per month without insurance calculated on prime +3%.

However, I was declined for financing by several banks, despite having an excellent scoring on my ITC credit rating.

Why was I declined?

Fin24 approached Standard Bank and Absa and both banks responded as follows:

A number of variables come into play in financial solutions and approval of credit applications.

We would advise you to approach the credit provider that declined your application for further details.

This credit provider is best placed - and obliged - to advise you of the considerations and factors that led to its decision to decline the finance application.

- Fin24

Do you have a pressing financial question? Post it on our Money Clinic section and we could select it for an expert to answer your query.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

absa  |  standard bank  |  money  |  money clinic  |  vehicle finance
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