What is a format for a personal loan?

What is the key to getting approved for a small personal loan?

• I applied for a loan of about $5000 to purchase a car. I intend on selling the current vehicle I have (for between $2500-$3000), which that money would be paid right back into the loan. My credit rating is above 800, I have no delinquent payments, and as far as I can recall, have never even been late on a payment. I keep my personal finances in strict order, and while I am 33 years old, I have never needed a loan before. At the moment, I do, but I was declined on the first try because of something called "rate to income" that was at 49%, which the way I understood it was that it represents the amount of income I have compared to bills and money I owe. I'm confused as to what I need to be approved. They suggested trying with another bank that bases their loans on credit ratings alone, but can somebody give me some tips? Also, as a veteran, is there a route that I can apply for through the VA for a personal loan?

• Answer:

  The problem must be that there is no savings from a 33 year old who has 51% disposable income. I know the term as Debt to Income. No savings or investments with an impeccable credit score says there is no history of paying back large debt. Start saving money and go to another lender. Call the VA and ask about recommended lenders. The lender wants to see money in savings and/or collateral. Sell your current car put the money in the bank and then go get a loan. Borrow a car, rent one until the loan goes through.