Turned down car loan refinance with AIB

[maxjam]

Hi all,

Strange situation.

Have a car loan from AIB in fact this is my second in 8 years.

Recently decided to upgrade car, nothing massive now was looking at about 8k refinance.

Current loan has about 2k left to go

never ever missed a payment (direct debits)

AIB turned me down twice.

what other elements would they look at and has anyone else been turned down recently?

I can easily afford the repayments as they would practically be the same as they currently are.

House in negative equity but AIB shouldnt know this without asking me as my loan is with EBS - also I am one of the lucky few still working and still able to service mortgage loans.

Ive a credit card with 1200 on it but each month i pay off some of this and consequently lower the limit too (a few times ive gone over the limit on this but never by much, like 50 euro maybe and have been charged an overlimit fee - this is probably the clincher for them refusing me?)

Very frustrated as Im by no means under financial pressure which is why I wanted to upgrade, nothing fancy either just a car with lower mileage and 4 doors instead of 2.

any advice as to what may have happened or what other options may be open

I did my own ICB check and it came back fine too.

​

 

[demoivre]

Ask them why they refused you and if they won't tell you make a request for all the information they have about you under Section 3 of the [broken link removed].

 

[robd]

any advice as to what may have happened or what other options may be open
​

Lack of funds on AIBs part. Tightening of loan criteria as they need to clean up loan book. Doesn't sound like a reflection on you. Look around at what's happening to the country at the moment due to Anglo, AIB and BOI.