PreApproval Car loans, advice, roadloans?

[LShan82]

Ok, I got denied by a credit union....  Should I try for cap one auto loans or just go with what I have.

[Creditaddict]

If you got Roadloans, Cap1 owns that if not mistaken... you will get declined Cap 1 and get another 3 credit pulls.

[cableguy123]

Its always best if you go to a dealership they can give you a better rate then if you tried on your own

[pipeguy]

Roadloans is not owned by Cap One.

https://www.roadloans.com/about-us/company-profile

Privately Held

By Banco Santander Centro Hispano SA (STD) and Management

Take a little time looking at "Santander" on the net and I think you'll find there are better choices.

FWIW.

[StartingOver10]

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@LShan82 wrote:

Ok, I got denied by a credit union....  Should I try for cap one auto loans or just go with what I have.

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What did the loan officer say the reason was for your decline?

Was it credit related or was it DTI or another reason?

[LShan82]

I was denied b/c of prior pymt history and time on my job.

[LShan82]

I have only been on my job since May.  I have had one late pymt in 8 months, 1 plublic record 5 years and 5 months ago, and 1 collection 2years and 4 months ago. I have had 5 accts that were 60 days late. Ratio of revolving balances is 17% My Fico Equifax is 632.

[StartingOver10]

Is it possible for you to GW the recent late and get rid of the collection? Is the public record a BK? (If so, late pays and collections after a BK are a credit killer.)

If the public record is a judgment, then see what you can do to clear the judgment. IMO the recent lates and job history are hurting you tremendously. 

Is your job in the same career as you have had in the past? Was there a career change? Did you have a long period between your jobs?

You might want to consider buying something for cash now and then once you have a year on the job and have no late pays for at least a year, then apply with the CU for a vehicle loan.

With the lates and short job history you are in subprime territory with high rates. If you can get rid of the lates through GW and the collection and have a little longer on your job, then you will be able to get a good loan. Once you get rid of the lates and the collection your score will jump.

[LShan82]

No my public record is a judgement and I have no idea how to clear it.  Any suggestions? What is GW?  My job is kinda in the same field and I do unfortunately have a gap in my job history.

[llecs]

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@LShan82 wrote:

No my public record is a judgement and I have no idea how to clear it.  Any suggestions? What is GW?  My job is kinda in the same field and I do unfortunately have a gap in my job history.

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Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

A GW is a letter that asks a paid OC or CA for a favor in removing derogatory info from your CRs. Some had success in removing judgments by paying it and asking the plaintiff's attorney to file with the court to have the judgment removed. Check in the Rebuilding Your Credit board for more info. I've never attempted that.