Hello,
I applied for a auto loan on July 2nd, was pre-approved and received a rate of 8.75% for 72 months on a 2007 Toyota Corolla. Payments were $296/mo. Finance company was Ent Federal CU. Drove off with the car after trading in my '94 Sentra that they gave me $750 for. They said they would try to get me a better rate.
I didn't hear anything from them till the 12th when they called and said I needed to come finish the paperwork. When I went in on the 13th ti re-do the financing paperwork so they can submit it to the bank I was told I needed to put down an additional $1k since the CU would only finance the Book value of the car. They also said my Sentra they upped the trade value to $1500 and my loan amount dropped $3k, payments were now $226/mo and APR @ 4.75%.
I gave them the $1k and did the paper work again, leaving thinking it should be the last time I needed to go back to the dealer.
Since then I've received 3 denial letters from places they submitted my app to, they were all basically saying short credit history and collateral not sufficient. However not one from Ent where I was pre-approved and the financing ended up. I wanted to wait another 6 months to look for a car since I do have a thin file but my Sentra was getting unreliable.
So basically I should be ok, but still the denial letters got me worried. The extra $1k down payment hut since I wasn't expecting that and it was added 2 weeks after I had the car but the terms seem better off now.
My question is as I now good or should I be worried that something might fall through still.
