Pending from Dealer

[Anonymous]

Went with my brother to help him negotiate on a car. His credit came back at 606. They ran 3 banks, one said no while 2 others came back as pending???

Should we be optimistic? I have never ran into this from a car dealer before always a yes or no.

If you need more info let me know. Car loan is for 40k

[Appleman]

There is no indication which FICO score is represented by the 608. As you may know there are many versions of FICO.

With a score at 608 and wanting a $40,000 vehicle my guess is that you will need a strong income and/or down payment to help with the lower score.

Pending is not a no, they either need more information or are trying to put together a deal. There can be back and forth between the dealer and lender as there are times they do favors for each other in getting people approved.

Good luck and please let us know how things work out.

[Anonymous]

Income is 70k no other debt he still Lives at home suppose to get a call tomorrow just odd I guess the lenders aren't working today...

[azguy13]

Welcome to the forum!

Most scores can be approved if there is a large enough down payment. How much is he looking at putting down? 

[Anonymous]

Agreed
With a nice down most can get approved

Many times the paper might be discounted to the dealer and they may not want to accept the haircut, which is why they sometimes will 'pack' the deal with extended warranties or undercoating or some such nonsense to creatively fill in the hole (anti theft package, perhaps?)

Brother has no other debt and lives at home huh?
Why is his score so low?
CC debt management issues?
Any other installment account history...
Especially car history

With good car history he'd be fine, if his car history is Shakey or not existent that's another story....still cam be approved, just not the best terms.

FWIW
Even if he is approved with decent terms, just remember he's gotta pay his dues sometime...just don't fall into the double whammy of little to nothing down AND a high rate because those two added to the depreciation factor BURY you in upside down hell.

As long as the rate is decent, pay on the car build some history and refi into a better rate as his score improves, could be 6 months but definitely after 12 on time notes he should explore refis

[Anonymous]

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@Anonymous wrote:
Income is 70k no other debt he still Lives at home suppose to get a call tomorrow just odd I guess the lenders aren't working today...

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Good Morning Barcode1,

How did things turn out with your brother.  He definitely should have heard something by now.  Please do let us know, ok?

We hope everything worked out!

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