In the past I have either had gone through dealer financing or a bank to purchase a car. I submitted a auto loan request late Monday evening so that the CU could start working on it first thing yesterday morning. They use TU and the rate is score based to I included the sales contract and copies of our TU reports (all pulled in the last two weeks) with scores. I have a small secured installment loan (will be paid in June) and a secured credit card with them so they already know my payment history. The dealer is holding the car off the lot for us so I can't afford for this to take a long time. Since this is the first time I am attempting to finance an auto with a CU, how long does approval take?
My credit union had a decision the same day! A big fat NO!! LOL...I'm sure you have better credit so don't worry. However, they should have an answer fairly quickly.
I don't know if this is the same for you, but my CU has a loan committee that reviews loan apps twice a week. When I refinanced my car, I faxed the application to them, and I think it took two days to get an answer (they called me).
