I went to buy a car on saturday at a mazda dealer.They still dont know if I am

[Ryan C]

approved or not? Whats the deal? I went on saturday to a mazda dealer to buy a used dakota. They took all my information and send they would call me when they heard something. I've never had that happen to me. Usually it's in and out in a few hours. Now it's monday afternoon and they still don't know if I am approved. They said they haven't heard anything. What's the deal with that?

 

[ElGrande]

The credit crunch has changed the game tremendously.

Loans that were "instant approvals" a year ago are now being scrutinized closely. Banks and lenders are not turning around quick approvals any longer.

Don't sweat it. It's no offense to you, as the dealer is wanting like heck to sell you a vehicle. It's just the nature of the business right now.

 

[pickmefirstplz]

the first people said no so they are looking for alternative sites for the loan

 

[peterthegreat]

Since bank loan departments and loan companies are closed on weekends, tlhey've only had your application for less than a day. If one lender doesn't approve you, it has to be sent to another, and then another. If you credit is not great, this process could take a few days, or even a week -- and you still might be turned down.