Sure! I'll give you the whole rundown so far!
When I first applied for the loan it was at 7.1% for $38,500. I had asked for $40k and they countered with the $38,500. I didn't put a vehicle in there because I was just doing a preapproval.
Then I got a notice that it was under review. I called in because I thought they had approved it then decided to go back and put it in review status. The rep told me they were just waiting for a vin number to make sure they can fund that specific vehicle since they have tight guidelines on used vehicles. I gave them a vin and they kept it at $38,500 at 7.1%.
I decided I liked a different vehicle so I called back to ask about that vin number and it changed to 6.1% because the mileage was lower and 1 year newer.
I called back again to ask about a less expensive vehicle same make and model but that one came back out of their mileage/age requirements so it was a no. I assumed it would revert back to the original 7.1% empty loan but the next morning it showed up as declined on my application tab. I had a mild panic attack (lol) so I called in and they said I just needed a vin number that works with their guidelines and it will go back to approval status.
I had them put in another vin number and that one came back at 6.1% and approved. I live quite far from any dealerships so cars sell before I can get there sometimes. That vehicle sold so I was back at square 1 with needing to give them another vin number. I found a vehicle that was actually listed at $35k, a year newer than the others I was looking at and only had 32k miles.
I called to have them put in that vin number but the loan officer that was viewing my account that day told the rep I needed to start all over but it would be on the same hard pull. When they closed out the first one and reapplied for the next one it actually dropped me to 5% on that vehicle. The only issue is that they hard pulled my husbands credit again. The only reason I can think they had to do that is because the account is new and he's not joint on my account yet but the auto loan was joint.
I'm sure that was way more than you needed (lol) I just wanted to be thorough and let you know that even though they were easy to work with it wasn't the most smooth process. If I had known it would have been better to have a vin first I'm sure it would have been much easier. I just didn't want to drive an hour to a dealership then apply in hopes it would be approved after I got there
We are hopefully going to pick up my new (to me) vehicle today!
When I first applied for the loan it was at 7.1% for $38,500. I had asked for $40k and they countered with the $38,500. I didn't put a vehicle in there because I was just doing a preapproval.
Then I got a notice that it was under review. I called in because I thought they had approved it then decided to go back and put it in review status. The rep told me they were just waiting for a vin number to make sure they can fund that specific vehicle since they have tight guidelines on used vehicles. I gave them a vin and they kept it at $38,500 at 7.1%.
I decided I liked a different vehicle so I called back to ask about that vin number and it changed to 6.1% because the mileage was lower and 1 year newer.
I called back again to ask about a less expensive vehicle same make and model but that one came back out of their mileage/age requirements so it was a no. I assumed it would revert back to the original 7.1% empty loan but the next morning it showed up as declined on my application tab. I had a mild panic attack (lol) so I called in and they said I just needed a vin number that works with their guidelines and it will go back to approval status.
I had them put in another vin number and that one came back at 6.1% and approved. I live quite far from any dealerships so cars sell before I can get there sometimes. That vehicle sold so I was back at square 1 with needing to give them another vin number. I found a vehicle that was actually listed at $35k, a year newer than the others I was looking at and only had 32k miles.
I called to have them put in that vin number but the loan officer that was viewing my account that day told the rep I needed to start all over but it would be on the same hard pull. When they closed out the first one and reapplied for the next one it actually dropped me to 5% on that vehicle. The only issue is that they hard pulled my husbands credit again. The only reason I can think they had to do that is because the account is new and he's not joint on my account yet but the auto loan was joint.
I'm sure that was way more than you needed (lol) I just wanted to be thorough and let you know that even though they were easy to work with it wasn't the most smooth process. If I had known it would have been better to have a vin first I'm sure it would have been much easier. I just didn't want to drive an hour to a dealership then apply in hopes it would be approved after I got there
We are hopefully going to pick up my new (to me) vehicle today!
Thank you for the very thorough answer! It will save me some future panic Enjoy your new car!
Enjoy your new car!