Boy did i feel like an idiot last week. DW offered to buy a new car for me (long story 🤣) and the idea of walking into the dealership like her cabana boy (although I'm 54 and hardly beach-ready) appealed to me for once.
She filled out the Pre-qual online and it took us an hour to figure out what in the world was approved and to see anything. Turns out there's an email sent with a confirmation number that you give the dealer and they do everything else. Pretty cool. As my car was listed on the web, we did a search on the Cap1 site and found the car with payment and all listed along with tools to allow customization of the terms. I liked it. It took a minute to decipher tho. Anyone else found it confusing?
Weirdest thing was she was approved for a max of $61,000 which is crazy. She only makes $50k (we only borrowed $24k), surprising given the skittish behavior of these banks recently huh? I was wondering if they've got any way of seeing household income or not?
It is a secured loan.
There are plenty of people on here that have credit card limits that are more than their income.
Her smart decisions made them comfortable enough.
Just look at the decision she just made taking half of her available limit.
Congrats! Enjoy!
Good point. Didn't even occur to me. There's a big hunk of metal backing up the whole transaction. Totally different world. And mostly the amount is usually set. Cool. And thanks, I love the car 🙂