PreApproval Car loans, advice, roadloans?

[Anonymous]

Hi, I am really not sure what to do.  I have been looking for a car since mine broke down in June, and now that it is getting colder, I really need one.  I pulled my credit, and my scores are

EQ623

Ex 666

TU 612

I tried applying to a couple of online lenders and was referred to their preferred dealers.  I didn't realize this was part of the process and thought I would just get a yay or nay, and a drafted check.   I just got a preapproval for roadloans, and they gave me 2 options:

no money down, 11.09% for 72 months on 18,260 pymt 349.

3500 down 8.65% for 72 months on 20,013.

I have on desire to use that much and I am looking for a used car (new??) for ~13,000-14000.  What are your opinoins on Road Loans.  I don't want to keep getting inquiries on my credit so should i go with them? go to a dealer? try pnc, harris bank (my first car loan ) or??  take my $4000 my an older car and look later.

I had my first car, a 97 nissan sentra fro 14 years, and it finally died in June.  I had paid it off 8 years ago.  Also some negative stuff dropped off my credit report this past August, although, I know I still have a ways to go. 

Any advice? 

[StartingOver10]

IMO it is best to go to a credit union in your area where you can meet face to face with the loan officer and have your documentation right there with you. The CU will have qualifications for you to meet, but in general, it is easier to get a loan with a CU as they are more forgiving than most lenders. Your scores are certainly good enough for many of the CU's out there.

Do you have a down payment and proof of income?

 If at all possible, stay away from Roadloans. As you can see their rate was very high and they expect you to buy a more expensive vehicle as part of their conditions of approval. Also, you will know right away with the CU exactly where you stand. You can usually get a much better rate and only one inquiry instead of a bunch of inq's

[Creditaddict]

I have used Roadloans in the past and had no issues, However I would take your check with Roadloans and go find the car you want that will qualify under the terms of the Roadloans check and then tell the dealer what you have and let them try to beat it.

Also if you already have history with a local bank or CU I would be shocked if they didn't come in way lower.

I also do not like or suggest in ANY way to take a 72 month Car loan especially on used! so if you do end up using RoadLoans I would look up an amortizaion calc. online and figure out how much you have to pay to have it paid off in 48-60 months.

Sounds like you should find another Nissan also!!! they are fab cars and run forever as you saw with your last. I always say Nissa, Infiniti, Toyota, Lexus, Honda, Acura are the only cars I will buy and always used! I learned the hard way!

[pipeguy]

I wouldn't touch Banco Santander especially with options like Cap 1 Auto Program (pre-qualify online) or Ally Auto Loans (74% owned by the USGov and fairly generous with moderate credit scores).

Read this too: http://redtape.msnbc.msn.com/_news/2011/12/09/9307345-huge-eurobank-rated-britains-worst-now-accused...

Just my opinion....

[Creditaddict]

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@pipeguy wrote:

I wouldn't touch Banco Santander especially with options like Cap 1 Auto Program (pre-qualify online) or Ally Auto Loans (74% owned by the USGov and fairly generous with moderate credit scores).

Read this too: http://redtape.msnbc.msn.com/_news/2011/12/09/9307345-huge-eurobank-rated-britains-worst-now-accused...

Just my opinion....

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If I'm not mistaken Roadloans is the secondary finance company that capital one owns and send apps to if they won't approve in cap1, like best buy mc if you don't qualify for bb store card!

[LShan82]

Hey thank you so much for the responces you all.  I had to create a new user name.  But I appreciate the feedback.  This was starting to become a frustrating process for me.  I didn't know trying to get financing on your own could be so complicated.  When I read the sites like Edmunds, and Carbuyingtips, they made it sound so easy.

Do you all think I can get a loan at a credit union, if I don't already have a relationship established with one? That's why I shied (shyed) away from them.  My job does have a setup with one that I can auto deduct savings from my pacheck, and they recently had PNC bank come in to offer the employees accounts.  I didn't have time to look into it.  What do you think should I give it ago?  I also bank with Chase.  Not sure, if they would give me a loan.    I'm also not going to try anymore online sights on my own.  I will either try a bank/cu, or let a dealer find something.  At least I know what I am working with, and can expect.

WIth Roadloans do I have to spend the total amount? I thought I could get a car for a smaller amount?

[LShan82]

Oh, and yes, I have a down payment ~4000 and proof of income.

[StartingOver10]

Based on your post, you sound like you qualify easily for CU financing and it is much easier, and cheaper,  than working through Roadloans and Cap One. You don't have to have an established relationship with a CU to get an auto loan. Most CU's are the friendliest people on earth...make an app and you will see.

[Booner72]

YES - credit union!

[LShan82]

Now I just need to figure out which CU to go to . LOL