Denied a loan from roadloans.com

[marquezj21]

I applied for a loan from roadloans to see what they would give me.

I am working on my credit, which is now a 571 ( horrible)

Just a few months ago it was worse, and they approved me for a 21,000 loan.

Well today, when i applied i was denied, and this was the reason cited

Insufficient mortgage trade experience

what does that mean???

[nathan]

Go to a dealership and they will find a lender to approve your loan, but with your scores, expect to get higher than normal interest rate.

[Tazman81]

Roadloans is basically a part of Capital One.  From my experience, one of the things that capital one requires for you to get an auto loan with them is a mortgage.  They figure if you have a mortgage, it is more likely that you will continue living at the residence you give them and it shows stability.  Since they normally cater to those with less than perfect credit, they need some way to make sure they can get their collateral if the need arises.