Does this mean I got approved for the car loan?

[Hispanic-Cool-Guy]

Background:

I applied for a car loan using my grandma's good credit last month but got denied because my grandma's is retired and doesn't make a lot from her social security payments a month.

I only offered a $1,000 down payment on a $30,000 the first time around.

But now I re-applied with my grandma's credit again 2 days ago but with a much larger down payment but I haven't heard back from the dealership except this automated message about 3 minutes after I applied the 2nd time around.

Note: I'm buying the car online if that matters for anything why I haven't heard back from them?

[Anonymous]

In my experience the down payment isn't really that important. Not in comparison to the credit you have or don't have. This was a hard lesson for me to learn. I keep an active credit card just so I keep credit. But I hate financing anything! Unfortunately we live in a payment plan/upsell world.

I wish you luck man I depise dealing with lenders.

[Hispanic-Cool-Guy]

Yeah, I agree. I hate financing too. But doesn't a large down-payment mean something to them as it shows them I'm serious about the car and that if I don't pay my car note then I lose both my down-payment and the car?

[Opinion Owner]

It SHOULD! but I say no. When I was in my late 20's I had no credit to speak of. I was trying to buy an 8k car and I had 4k to put down. I still got turned down for the loan. On the flipside of that my brother-in-law had just filed for bankruptcy and he was approved for a brand new Volkswagen bug. I was told that he got approved because he had bad credit and that's still better than no credit. Also since he'd declared bankruptcy he couldn't do it again. The ending to that story for me is I ended going to a dealership that specialized in no or bad credit customers. I paid a ridiculously high interest rate because they new it was my only option (sure I could have bought a decent car for 4k or less maybe from a private seller. But I still wouldn't have had any credit. My own bank even turned me down and I'd been banking there since I was 16. The only mistake I made in the deal was not paying off that car loan quickly they really stuck it to me. And I was young and stupid so, live and learn I guess. I will say this, if you choose to go to a high interest dealership/lender. Be careful about what you're buying. You're still paying for it. And most of the cars they sell are main dealership throwaways.

[Hispanic-Cool-Guy]

I understand, but I'm using my grandma's very good credit though.

[Opinion Owner]

Very good credit yeah but you already said she relies on social security.
I'm sure I'm already telling you what you already know but lenders look at
1. Credit history
2. Income and employment history
3. Debt to income ratio
4. What collateral you have
5. Size of down payment
6. Your liquid assets
7. And loan term.
Consider these areas.

[Hispanic-Cool-Guy]

Right. I'll wait and see. If the car is meant for me then it will be mines.

[AviatorTom]

No, it simply is their acknowledgement that they received your data, will review it, and will let you know if you are approved.

[Hispanic-Cool-Guy]

So what does it mean "we will be working on your financial package?

[AviatorTom]

If they decide to approve the loan, they will give you loan details... length of loan, monthly payment, interest payment, etc.

[Hispanic-Cool-Guy]

Ok thanks.

[Drumlin2001]

I would read it that they have received your application but its pending approval. You should hear shortly after

[FilmGuy93]

It sounds like you've passed the first stage of their loan approval process. So you're at least minimally eligible to recieve financing.

[Redstang88]

It means you’re at least close enough they’re looking into it. Not a done deal yet

[Jamie05rhs]

Bro, why are you trying to buy a car that's $30,000? That's WAY too much. Never pay that much for a car. EVER. I don't care how the economy is.

[Hispanic-Cool-Guy]

It's my dream car though. If it wasn't for that I wouldn't care to drive a used Honda.

[Jamie05rhs]

@Hispanic-Cool-Guy But why not wait until the economy turns back around, and then you can buy it for cheaper.

[Hispanic-Cool-Guy]

I'll been waiting a long time already, years in fact. Life is today and I only have today. Tomorrow isn't promised to me.

[Jamie05rhs]

@Hispanic-Cool-Guy Yeah, and you're buying it with tomorrow's money.

[Hispanic-Cool-Guy]

It's life. I worked and sacrifice myself. I deserve to drive what I like.

[Jamie05rhs]

@Hispanic-Cool-Guy You sound like a liberal.

[Hispanic-Cool-Guy]

It's because I am at heart. Lol...

[Jamie05rhs]

Lol. Okay

[maximumpower]

Your grandmother got approved, not you.
Don't do this.

[Hispanic-Cool-Guy]

She's my co-signer. What would make you think I got approved when it only took the system to automated to send that message?

Granted they already had my info before and why do you think its a bad idea to get the car?

[Iron_Man]

You’ll have to wait it out and see