First, I want to thank everyone on this forum. So helpful for research and advice! This is why I'm choosing to write a ton of detail for the researchers, but feel free to skip down to the questions. I've been diligently working on my credit, and it's getting there. We are a one-car family, but our one car is getting very old with issues, so we are getting ready to purchase. I'm specifically looking for a Pacifica around 28,000-29,000 with 8,000 down, no trade-in. Current scores range from 608-615, 1-2 collections depending on bureau, no BK. (Chase Fako has me at 689, which made me feel good though I know it's not true.)
I followed some of your advice and looked at Capital One Auto Navigator for a ballpark of what my rate would be. I was prequalified for up to $34,600 with rates ranging between 7-8.5%. I was astonished because it was single digits! Again, I have credit that's a work-in-progress, so I'm quite shocked.
Using this information, I decided to go for the HP and apply at Navy Federal, who I have an account with and has always been (in the back of my mind) who I would go with. I figured their rate would be lower with it being a CU and having an established relationship with them. 60 months @Anonymous.59% or 72 months @Anonymous.39%! I ran away quickly.
From lurking in the forums (read: researching), I remembered when people have applied for auto loans, the name PenFed comes up a lot, but I didn't really know anything about it. So Wednesday, I opened an account and applied. Approved for $20,000 for 60 months @ 5.79%!!! I could not believe it. I checked my email, and they asked for my last two paystubs. The following morning, I uploaded them using their link and stalked my email all day for an update. Thursday night 9:30 PM I get an email that they need me to upload my last two paystubs. Once again, I upload. Friday at 4:30 PM, I receive an email that I uploaded the same paystub twice. I called their customer service line, and the rep gave me a fax where I could directly send the stubs to process quicker. I did it within the hour in hopes I'd have everything squared away to shop this weekend.
Friday at 7:15 PM I get another email asking for (well, nothing, because the field is blank). I respond to the email telling them the field is blank and I have uploaded/faxed my paystubs and to see if there is something else they need. Again tonight, at 9:15 PM I get the same email. I realize it's the weekend, and these are probably automated. I am being so patient because these will likely be the lowest rates I will see at the moment.
My questions:
1. Has this process ever taken this long for anyone? From reading here, it sounds like the timeline varies between instant and 48 hours.
2. Has anyone provided their proof of income and then been denied? (My fear)
3. Has anyone provided their proof of income and had their rate change?
Thanks in advance. I will update whatever happens with the loan one way or another, but I found a nice Pacifica with low miles at a VERY good price that I'd like to act on quickly. If push comes to shove, I'll go with CapOne and refi when my credit improves more in a few months.
Starting Score: 512