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Car Financing QUESTION?!!?
WE bought a 2012 Hyundai Sonata 2 weeks ago. We were approved at 5.9%, but then the finance director called me back 2 days later and said we were approved for 4.7 %. Called my bank to see what they could do- they are a Credit Union- and they said 3.2 %. Called the Hyundai Dealership and he called his bank and said they agreed to 3.7 %, so we just went with them and resigned paperwork.
Jump forward to yesterday, I get a letter- as well as my husband- that we are not approved for a car loan through Fifth Third Bank. I called the number b/c I was freaked out. The agent told me dealers go through many banks to see who gets approved/interest rates and that if I have the car, a bank approved us. I also called the dealership and left a message for the finance director, but he hasn't called me back yet.
If the dealer called me back with a better interest rate and said we are approved, we are ok, aren't we? My heart was beating so fast this afternoon. I am still a little nervous about it. But, if they haven't contacted me....I would assume everything is ok?
Re: Car Financing QUESTION?!!?
eeek!! That's why a good suggestion is to always go through your bank b/c the dealership will run your credit through as many unions/banks/etc. until they can get the rate that you want and often your bank, esp. if you have different loans through them will not need too. It dings your credit score to be ran through multiple bank checks, at least that was how it was explained to us by our bank.
I am unsure why you went with the dealership if your bank had the lowest rate? Will they still offer that and cut you a check to pay off the dealership so that you can do the loan through them instead? Also, check your insurance because if it is not high enough, the bank will force you to get a higher level on your car to cover themselves.
I understand that we screwed up with the financing, but do you think we are in any danger of losing the car? I assume that if he called back to lower our interest rate....then we were definitely approved, just not by all the banks he sent the requests to.
I guess I just need reassurance that everything will be OK!
Married the love of my life 6/3/06
Became a family of three 8/25/09
I definitely don't think they are taking the car back, but as PP have said, it probably was just one of the banks that didn't get your loan who sent it. Definitely contact the financial rep at the car dealerships and get reassurance though!!
This. You're fine!
Well, I knew my credit was bad....but I've been working on it. I am at a 682 now. Called the finance director and he said that was exactly it.- just one bank that turned us down. We are through another bank, no need to worry. Now to focus on switching the loan!
Thanks girls!!