CreditMatcher - Excellent Credit Score but 10% match on most loans

[Deleted User]

Hi all, I am looking for advice before applying for a car loan. I work part time with a decent salary as well as having my own business (which I don't really earn from at the moment). I would like a car loan of around 10k which is less than 50% of my part time salary, my experience rating is very good at 983 yet when I plug this information into the credit matcher I get less than 10% chance of getting a loan. It doesn't make sense to me so I am wondering if I have missed something. I am not on our mortgage so I am not a 'home owner' I have no other debts as they are all paid off. If I run the same information into credit cards then I get over 80% chance of an offer on most of them, I don't want one I just wanted to see how it all worked.

Advice is appreciated so I can sort out getting a car soonest. Thank you:j

Herzlos

How far back do your self-employment pay records go?

50% of salary is a lot for someone who is self employed without sufficient history, for instance, and isn't a home owner.

[Deleted User]

Thanks Herzlos, I am part time employed elsewhere so nothing to do with my business. That is what I based the salary on and that is the regular income into my bank account. I have not added anything else in from being self employed. That is on top of the salary.

[Deleted User]

Almost certainly affordability, based on your stated income.

Shakin_Steve

You may get a score of 80% for acceptance on a credit card, but it can't tell you what the APR or credit limit would be. I'm pretty sure the limit wouldn't be 50% of your annual salary.

[Deleted User]

Agreed Shakin Steve *great name by the way! I don't want a credit card for a car anyway I just wanted to see if the chance of getting one was higher than the suggested 10% for a loan.

DCFC79

Your sccore isnt seen by anyone else except yourself, lenders see the history.