I recently was told by a bank that I was conditionally approved on a vehicle loan in NY state and I needed to come on and prove my income was as it was started on the application. I supplied my last 2 years of income by my taxes I filed and then after I showed them everything was as stated in the application I was denied. Doesn't a conditional approval mean I'm approved for the loan as long as I can prove what I put on the application? It doesn't make sense and why wad I told to come in only to show them I told the truth just to be denied
It is possible that the income you stated was your gross income and your tax return showed an adjusted gross income which is lower. After reviewing the tax return the bank may have determined that you do not have enough disposable income to cover the loan. It is also possible that the lenders guidelines changed or the interest rate went up between the time you first applied and the time you brought in the tax returns making you miss the qualification. There are many reasons why they may have declined the loan. I suggest you ask the loan officer specifically. It is possible there was a mistake made. In any event, receiving a pre-qualification or pre-approval is not a guaranty that you will actually get the loan.
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