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What does it mean?? Loan application help

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whaddupmia07
Established Member

What does it mean?? Loan application help

Hello

I applied for a 30k auto loan today with my local credit union. First off I should say they are a small CU with about 10 locations in the Central Valley of CA. My credit karma, credit sesame, and capital one credit tracker are all the same at around 707. Anyway, I applied this afternoon and got a response saying "please call during our regular business hours to discuss your application with a loan rep"
So, their loans aren't instant anyway but a reply like that tells me I got denied. Can anyone speculate on what this response may mean??

Thanks.
Current Scores: EQ 662 TU 671 EX 669
Goal: 700 across the board
8 REPLIES 8
Chris679
Established Contributor

Re: What does it mean?? Loan application help


@whaddupmia07 wrote:
Hello

I applied for a 30k auto loan today with my local credit union. First off I should say they are a small CU with about 10 locations in the Central Valley of CA. My credit karma, credit sesame, and capital one credit tracker are all the same at around 707. Anyway, I applied this afternoon and got a response saying "please call during our regular business hours to discuss your application with a loan rep"
So, their loans aren't instant anyway but a reply like that tells me I got denied. Can anyone speculate on what this response may mean??

Thanks.

I don't want to sound like a smart ass but the response means they want you to discuss your application with a loan rep.  I wouldn't read anything into it at all.

Message 2 of 9
whaddupmia07
Established Member

Re: What does it mean?? Loan application help

Lol not a smart ass answer, I'm very new at this car loan crap. Thanks for the response!
Current Scores: EQ 662 TU 671 EX 669
Goal: 700 across the board
Message 3 of 9
StartingOver10
Moderator Emerita

Re: What does it mean?? Loan application help

Also, I wouldn't rely on those Credit Karma or Credit Sesame scores or even the Cap 1 score - they are vantage 3.0 scores which are not fico.

 

Pull your own 3 B report so you can see what your scores are and have your report right in front of you when you speak to your CU.  or alternatively, ask the CU which scores they use: Fico 8s or FICO something else. 

 

Read this for a better understanding of FICO scores:  http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

Message 4 of 9
EddieK
Established Contributor

Re: What does it mean?? Loan application help

Pretty standard for auto loans.  Unlike CCs, auto loan reps need much more information to approve the app.  

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Message 5 of 9
FeeBear
Regular Contributor

Re: What does it mean?? Loan application help

Hey,

 

     In your application did you put any info on the type of car you are looking at? Many times they want to know more info about what you are looking at. Also, some credit union will finance 100% of the value or other might only do 95% (meaning you need to put money down). I wouldn't worry about it. Just call them on Monday.

 

Fee

Message 6 of 9
whaddupmia07
Established Member

Re: What does it mean?? Loan application help

No info, just the amount I am looking for
Current Scores: EQ 662 TU 671 EX 669
Goal: 700 across the board
Message 7 of 9
redbeard
Frequent Contributor

Re: What does it mean?? Loan application help

Did it at least ask about new or used?

 

Really, you don't get approved for a car loan till you have a specific car you want to buy.  You can get pre-approved prior to that, which is what you are really doing here.  There are a lot of minor factors that can get in the way of them giving you a pre-approval, from LTV to making sure the car is worth what they sell it for to talking about downpayments to whether the car is new or used, on and on....

 

Just call on Monday.  Its probably not a problem, just questions.

 

Dan

 

Just trying to get my scores to rise from the dead......

Wait.... I think I just heard a heartbeat!

Message 8 of 9
whaddupmia07
Established Member

Re: What does it mean?? Loan application help

I believe it did ask about new or used. I will definitely call come Monday. I also did capital one pre approval but id rather go through my CU
Current Scores: EQ 662 TU 671 EX 669
Goal: 700 across the board
Message 9 of 9
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