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@whaddupmia07 wrote:
Hello
I applied for a 30k auto loan today with my local credit union. First off I should say they are a small CU with about 10 locations in the Central Valley of CA. My credit karma, credit sesame, and capital one credit tracker are all the same at around 707. Anyway, I applied this afternoon and got a response saying "please call during our regular business hours to discuss your application with a loan rep"
So, their loans aren't instant anyway but a reply like that tells me I got denied. Can anyone speculate on what this response may mean??
Thanks.
I don't want to sound like a smart ass but the response means they want you to discuss your application with a loan rep. I wouldn't read anything into it at all.
Also, I wouldn't rely on those Credit Karma or Credit Sesame scores or even the Cap 1 score - they are vantage 3.0 scores which are not fico.
Pull your own 3 B report so you can see what your scores are and have your report right in front of you when you speak to your CU. or alternatively, ask the CU which scores they use: Fico 8s or FICO something else.
Read this for a better understanding of FICO scores: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...
Pretty standard for auto loans. Unlike CCs, auto loan reps need much more information to approve the app.
Hey,
In your application did you put any info on the type of car you are looking at? Many times they want to know more info about what you are looking at. Also, some credit union will finance 100% of the value or other might only do 95% (meaning you need to put money down). I wouldn't worry about it. Just call them on Monday.
Fee
Did it at least ask about new or used?
Really, you don't get approved for a car loan till you have a specific car you want to buy. You can get pre-approved prior to that, which is what you are really doing here. There are a lot of minor factors that can get in the way of them giving you a pre-approval, from LTV to making sure the car is worth what they sell it for to talking about downpayments to whether the car is new or used, on and on....
Just call on Monday. Its probably not a problem, just questions.
Dan