cancel
Showing results for 
Search instead for 
Did you mean: 

Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determination?

tag
Anonymous
Not applicable

Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determination?

I recently applied for an auto equity loan from helpingloans.com (a division of RoadLoans/Santander). They offered the option of not using credit score as a factor in their determination although they ran my score (478 Equifax). I received an instant approval for 1700., about half of what someone with better credit and a car in better condition would get. Unfortunately, I ran into the problem of their requiring proof of landline service or proof of six continuous months of cell phone service. I ordered landline service and allowed the application to expire. I was told that I could reapply 30 days after the initial application date.

      I attempted to reapply through their website one day after the first application expired. I selected the non-credit score option once again, but was denied due to... my credit. The loan specialist I called did not seem to know why this had happened; he said that management was in a meeting, but that he would run the problem by them and call me back. I suspect that I will not be getting this loan.

      I cannot find any other companies offering installment auto equity loans at non-predatory interest rates (I was initially "approved" for 17.99% APR with terms ranging from 12 to 54 months). The car (an ugly  2003 Sunfire, blue book value $2322) probably is worth too little in any case to obtain a loan from most lenders. I am ashamed even to approach my credit union (I believe that its minimum score for auto/other loans is 520). Are there ANY other companies out there with rates lower than the standard title-loan rates that do not check/do not use credit in determining loan decisions?  I am in Texas, the land of 600% APR.

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

Not to sound mean, but if you actually have a score that begins with a 4- any loan you are approved for is not predatory. A 17% is a GOOD interest rate for that. i am sorry, but people do not "luck into" 4XX scores.

 

Credit Scores for the most part are RISK PREDICTORS. the lower your score the higher the chance the lender is not going to see you complete your loan to the terms of the contract.

 

Try your credit union.

Try to accumulate cash and buy a vehicle, look for a family member as a co-signer..

 

17% is not predatory at all.  You sure as heck, with that score, do not rate a single digit rate.

Message 2 of 8
Anonymous
Not applicable

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

Just want to add:

 

i actually forgot--you have the proverbial buy here pay here.

 

Just select one that will report your payments so you can see some kind of a credit score increase for you troubles.

Message 3 of 8
203bravo
Established Contributor

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

USMC - I seem to be reading the OP differently -- he/she is not wanting to finance a auto purchase, but rather get a title loan.

Message 4 of 8
Anonymous
Not applicable

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

Er, yes. I have been trying to find another auto EQUITY loan that is an installment loan, rather than the balloon-payment-payday-loan type commonly available which would virtually guarantee losing the car. I know that no one else (except, perhaps, a credit union) is going to offer this at 17.99% APR. Was hoping to find something that could actually be repaid, though.

Message 5 of 8
Tazman81
Established Contributor

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

Can I ask what is the reason that you need a title loan with such a large lump sum of funds?  Do you have any other options available to you through your credit union that may give you a better rate?  Your credit union may be able to work with you especially if you have direct deposits going to your accounts there.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 6 of 8
Cloudlb
Regular Contributor

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

I'm in Texas, and I don't know of any "non-predatory lenders who won't check your credit" with the possible exception of family members.

Message 7 of 8
Anonymous
Not applicable

Re: Any non-predatory auto equity lenders (like helpingloans) that do not use credit in determinatio

Dear Hamka, I am the GM for HelpingLoans.  We apologize that we were not able to meet your expectations.  I don't have the specifics of your situation as I don't have your application details, however, from what you've written thus far I think we may able to help.  Please call back into our site and ask for our manager Debbie and I'll make sure that we revisit your application. 

Good luck.

 

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.