I only buy year old cars and have found 35 percent to be about what I save.
I pay cash.

i'm sorry i misread, i thought you said "you denied".

in your case, you should have been given a "legal reason" as to why you were denied.
edit:

personal debt is not essential to capitalism.
even if racking up some personal debt ends up being necessary in a capitalist society. no one is forced to take a $20k loan for a car when they could have responsibly kept it at 10% of that to get around that year.

This post was edited by tagged4nothing on Nov 10 2019 01:58pm

Yes, those were the reasons. If you get rejected for a loan you get a piece of paper in the mail a few weeks later with the reasons for their decision. Bad credit score, insufficient income to debt, and too high of a loan request amount for the collateral are reasons I've received (I wasn't making a down payment might be the reason for this last one)

When I go for an auto loan I've applied to at least 3 loans each time to try to get the best interest rate. Basically start with the highest, which is usually the bank I do my checking and credit card with, and then go down from there.

This post was edited by Thor123422 on Nov 10 2019 02:16pm

i'm not trying to pretend i can offer you legal advice, but from the couple statements from the DMV site i can only think of 1 reason why you've been denied.
not having a co-sponsor.

i suggest against debt whenever possible unless responsibly building credit under plan.
i don't mean to be rude, but if you were/are considered too much risk to loan too, is that not more-so proving against your objection to companies needing to deny more risky loans?
if you gave the lenders the option of a responsible co-signer and was still denied, maybe it would be worth reading yourself and seek legal counsel if you thought required.
again, i'm not trying to provide legal counsel myself.

The reason I was rejected is because I was requesting very good loan terms, which have high standards. If I had a co-signer, which I didn't want because I'm past that part of my life, I might have gotten the loan if they had good credit. The point of the part saying "can't make a decision based on characteristics of the credit report" isn't to say that they can't use numbers from the report to make a decision, but to prevent people from getting a loan who have historically had hard times but are now financially solvent.

It is the responsibility of the lender to understand what risk they can reasonably take on and still make a profit. When you lower loan standards you increase the rate of default, and therefore increase the loss rate of loans with those standards. Making a loan is making an investment and investment requires risk. The bank making the loan should understand the risks associated with those investments and only offer terms which they can make a profit on, which is why they run credit reports and require the item being purchased to act as collateral. I have absolutely no sympathy for a lender who does not do this, or that softens their lending standards and then incurs loss, and I don't hold hard feeling against any lending agent that denied the terms I wanted based on my financial status.

This post was edited by Thor123422 on Nov 10 2019 02:53pm

Couple underestimated bubbles right now , couldn’t agree more with ur op and would add corporate debt bubble

Will be a dow 30k boom then doom in trumps 2nd term

I'd have bought with cash but it seems like these dealerships prefer the money they make on financing and won't lower the price even if i offer to buy it out in full

https://www.finder.com/car-loan-statistics

i'm trying to find a state by state breakdown. the above link is an average based report.
it's possible that this isn't as big of a "national" issue as it is the issues of individual states.

yeah thats another racket

you can really only buy a car in cash in a person to person transaction in North America outside of a used-car salesman’s lot

https://www.experian.com/blogs/ask-experian/research/states-with-the-highest-average-auto-loan-debt/

it appears the state that i live in has the lowest amount of auto-loan debt.
"i" think the states on this list (and perhaps more), need to try figuring it out before it moves to more federal regulation.

This post was edited by tagged4nothing on Nov 10 2019 04:25pm