Loan approval chances??
#11
03-02-2008, 10:27 PM
Registered User
Join Date: Dec 2007
Location: Tacoma, WA
Posts: 46
Likes: 0
Received 0 Likes
on
0 Posts
#12
03-03-2008, 08:09 PM
Join Date: Feb 2007
Location:
Posts: 1,640
Likes: 0
Received 0 Likes
on
0 Posts
RE: Loan approval chances??
UPDATE 3-03-08
I was expecting an answer today, but I got an email saying they needed my reference's addresses, my work supervisor's name and phone number, living arrangements, time living in current residence, and whether the sale is from a private party or dealer.
I gave them that information then they sent another email requesting my reference's phone numbers, where the vehicle is located, and the seller's information to contact them.
I just sent that email and hopefully will be recieveing an answer tomorrow.
I was expecting an answer today, but I got an email saying they needed my reference's addresses, my work supervisor's name and phone number, living arrangements, time living in current residence, and whether the sale is from a private party or dealer.
I gave them that information then they sent another email requesting my reference's phone numbers, where the vehicle is located, and the seller's information to contact them.
I just sent that email and hopefully will be recieveing an answer tomorrow.
#13
03-03-2008, 08:33 PM
Record Breaker
Join Date: Apr 2007
Location: Eighty Four PA
Posts: 1,079
Likes: 0
Received 0 Likes
on
0 Posts
RE: Loan approval chances??
ORIGINAL: neon03se
UPDATE 3-03-08
I was expecting an answer today, but I got an email saying they needed my reference's addresses, my work supervisor's name and phone number, living arrangements, time living in current residence, and whether the sale is from a private party or dealer.
I gave them that information then they sent another email requesting my reference's phone numbers, where the vehicle is located, and the seller's information to contact them.
I just sent that email and hopefully will be recieveing an answer tomorrow.
UPDATE 3-03-08
I was expecting an answer today, but I got an email saying they needed my reference's addresses, my work supervisor's name and phone number, living arrangements, time living in current residence, and whether the sale is from a private party or dealer.
I gave them that information then they sent another email requesting my reference's phone numbers, where the vehicle is located, and the seller's information to contact them.
I just sent that email and hopefully will be recieveing an answer tomorrow.
#15
03-03-2008, 09:30 PM
RE: Loan approval chances??
They are probably checking everything to cover their asses. Even with a good credit score, it seems you may not have the credit history. This is why they are placing so much importance on the references. Making sure you aren't in danger of losing your job... etc.
Risk Factor... That is what it boils down too. They don't want to take all the loss if you don't pay. They are going to have the title... you don't pay they got 5 grand + what ever the car sells for at auction. If those two things are more than what they are giving you on the loan then you should get it no problem.
Risk Factor... That is what it boils down too. They don't want to take all the loss if you don't pay. They are going to have the title... you don't pay they got 5 grand + what ever the car sells for at auction. If those two things are more than what they are giving you on the loan then you should get it no problem.
#16
03-03-2008, 09:39 PM
Join Date: Feb 2007
Location:
Posts: 1,640
Likes: 0
Received 0 Likes
on
0 Posts
RE: Loan approval chances??
ORIGINAL: GrApHite03
They are probably checking everything to cover their asses. Even with a good credit score, it seems you may not have the credit history. This is why they are placing so much importance on the references. Making sure you aren't in danger of losing your job... etc.
Risk Factor... That is what it boils down too. They don't want to take all the loss if you don't pay. They are going to have the title... you don't pay they got 5 grand + what ever the car sells for at auction. If those two things are more than what they are giving you on the loan then you should get it no problem.
They are probably checking everything to cover their asses. Even with a good credit score, it seems you may not have the credit history. This is why they are placing so much importance on the references. Making sure you aren't in danger of losing your job... etc.
Risk Factor... That is what it boils down too. They don't want to take all the loss if you don't pay. They are going to have the title... you don't pay they got 5 grand + what ever the car sells for at auction. If those two things are more than what they are giving you on the loan then you should get it no problem.
#17
03-04-2008, 05:01 PM
Join Date: Feb 2007
Location:
Posts: 1,640
Likes: 0
Received 0 Likes
on
0 Posts
RE: Loan approval chances??
SRT-4 HERE I COME!!!!!!!!!!!!!!!!!!!!!!
Good afternoon Mr. Lozano,
Thank you for choosing FirstLight Federal Credit Union to meet your financial needs. You have been pre-approved for up to 115% of the MSRP of the vehicle at an interest rate of 8.20% for 60 months for a used vehicle. Since you are buying from an individual there will be additional information necessary to complete the loan. Please provide a good contact number in case we have any questions and a fax number where we may send you the documents to sign. Please let me know if you have any questions.
Thank you for your business,
Good afternoon Mr. Lozano,
Thank you for choosing FirstLight Federal Credit Union to meet your financial needs. You have been pre-approved for up to 115% of the MSRP of the vehicle at an interest rate of 8.20% for 60 months for a used vehicle. Since you are buying from an individual there will be additional information necessary to complete the loan. Please provide a good contact number in case we have any questions and a fax number where we may send you the documents to sign. Please let me know if you have any questions.
Thank you for your business,
#20
03-04-2008, 05:05 PM