The underwriting decision has three possible responses, one of which is a counteroffer.

The lender will evaluate your creditworthiness and income during the underwriting procedure. Assuming the lender determines that your application was not accepted, he or she may submit a counteroffer informing you that you have been approved for a different loan with different rates and terms. A longer-term loan with lower monthly payments may, for example, put you within underwriting guidelines for monthly debt to income when paired with your other monthly debt obligations.


Start rounding up and saving to pay down your car loan faster