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Can you be turned down for a car loan, if you only lived at your apartment for a couple of weeks?
Your residence plays a big role of you getting approved for a car loan. If you have been there at your apartment or house for a couple of weeks you do need the information from your previous address. So for example if you have been there for two weeks and your previous address for 10 years then that is fine, but if you have less than two years at your previous residence, then you will probably get turned down on the car loan.
You should check your credit score, this way you can have an idea if you have good credit or bad credit. If you have don’t have good credit then you will probably qualify for sub-prime lenders. Most Sub-prime lenders require a minimum time of residence to consider your application. An example is one year at your current residence and minimum two years at your previous address.
A quick explanation of Prime and Sub-Prime Banks are Prime Banks are people for who have excellent or good credit. Sub-Prime Banks is for people with average or bad credit. An example of Prime banks are Chase, Bank Of America, PNC Dealer Finance, Bank of the west, Fifth Third Bank and many more here.
Here are some examples of Sub-Prime lenders, Capital One Auto finance, Consumer Portfolio Services, Credit Acceptance corp,Gm Financial/ Americredit financial, Santander Consumer USA and here is a list.
The reason why banks or lenders have these requirements to qualify for a loan is because to measure how much of a risk you are. The more of a risk you seem then the bank will turn down the loan. If the bank also feels they cannot get their vehicle back if the loan goes in repo status they will turn down the loan.
The more stable your residence, job history, credit score, income are just some of the information the bank takes into consideration to approve you for a car loan.
Another way you can look at it for a better understanding is if you were the bank, would you approve yourself on a loan and would you loan let’s say $20,000.00 on a loan with the hopes of being paid back.