The other dealership called, I have been approved for a loan with similar terms and conditions (15% instead of 14.5% and a max of $19,000 instead of $18,000). I called the credit union I just joined and since the account is so new (like two weeks), and I have the BK, they could only approve me with similar terms and conditions as the dealerships. It was not worth pursuing with them at this point in time,
They did say if I did on time payments for my three loans (mortgage, student and now car) they could do a refinance in about 9 months at a much more competitive rate, 6-7% because of the BK. Except for a couple blips when my fiscal life fell apart, I've always paid my mortgage on time and the same with my student loan. That is a good thing. I did not know you could refinance a car loan, this is all news to me. I'm learning a lot about my new adventures into automotive financing.
I spoke to one finance manager and she said I was approved for the following reasons:
1) I had all my documents that they required~being organized and following directions helps!
2) I have longevity in my job (2 years with this employer, 5 with my previous and 7 with the one prior to that).
3) I meet a minimum salary level.
4) I own my own home and have lived there for almost 8 years.
5) I had a car loan in the past, it is marked paid in full and in good standing (even with a couple late payments) with a reputable lender.
6) No car repossession or turn in and no mortgage foreclosure or preforeclosure marks on my credit report.
7) I don't owe anything on my current car.
8) My budget falls within their guidelines for granting credit.
9) Depending on what vehicle I select and length of loan, my payment will be between $300 and $375 each month. High, but doable, especially if I can re-finance later this year to a lower rate.
I am still amazed that less than four hours after my application for credit was submitted, I've been approved by two lenders. I am just floored.
I will do a test drive at each dealership this evening and make my decision after I drive the cars and sleep on it.
Now I really have to pursue a second job-no freaking excuses anymore. I still feel like I should go home and have a whiskey.