RoadLoans approval???

Anonymous · ‎07-25-2015

I'm new here and looking for advice.

And if anyone had experience with RoadLoans.

Situation:

I have very bad credit. All banks and credit unions turned me down. Roadloans is my only option left. (Beside 'Buy-here,Pay-here' dealers)

I have been reading a lot on RoadLoans. I came to agreement to accept the high interest rate due to my credit(will Refinance in the future). Right out of highschool, i was force to live on my own. Made alot of dumb decisions and ended up with bad credit. Bad credit, my fault. I do have collections ($2,700 medical bills 2014) . im not with a bank(Chase) because I owned a gym fee of $1,500(not on collection, don't understand why, 2013) so I was force to get a 'Chase liquid pre-paid card'. I'm unable to pay because i am saving up for a car. Had 2 beaters that only gave me headaches. I am currently driving my mom van to work. This will also be my first time buying a car. I also do have hard inquiries due to banks running my credit, 6 to be exact. I only have $2,700 on my Chase pre-paid card.

(Never owned a credit card)

Job:

Im currently working for a staffing-agency($9.00) at Nike warehouse, for 8 months. Recently got hired by Nike warehouse($12.65/hourly). I will be officially a Nike employee in 1 week. (August 3rd).

AGE: 22

CREDIT SCORE: TransUnion-460; EquiFax-520.

NEW/USED: USED (CarMax)

VEHICLE: 350z-370z (CarMax)
RETAIL/LEASE: Living with parents. $0 bills.
AMOUNT OF LOAN: $24,000

DOWN PAYMENT: $2000

TERM CONTRACTED: 60 months
MONTHLY PAYMENT: $2,000 (Net $1,500)
ANNUAL INCOME:$24,000

(Side note: I am hoping to get an Auto-Loan to rebuild my credit and re-kick start my life again. Moved around a lot to find a stable job and finally did)

Anonymous · ‎07-25-2015

Same as you , my credit is not great . My score around 550-580 and have 1st credit card last year , all credit union and bank declined my application , not enough length of history and because purchase from individual ( from my friend ) . And last resort is ROADLOANS . And they approved me right away after click submit application . Of course high APR , but will get refinance after 1 year .

AGE: 25

CREDIT SCORE: 550-580 creditkarma

NEW/USED: USED FROM INDIVIDUAL

VEHICLE: 2008 Infiniti G37S
RETAIL/LEASE: Living with parents. $0 bills.
AMOUNT OF LOAN: up to 12k

DOWN PAYMENT: required $750

Rate : 16.42 to 21.42 ( depend on amount )

Term and Contract and Rate will discuss on Monday because they close on weekend ( individual purchase )

Anonymous · ‎07-27-2015

UPDATED TODAY :

Spoke to Roadloans finance agent today and shocked , after answer some question about income and job ...v.v. They approved me again with low APR , 11% with 48 months . No credit history and low scrore , all credit union and bank turn me out . And Roadloans give me some lights ...

Now wait for inspector come to take a look at vehicle and do some autocheck to make sure clean title and DONE.

Will refinance after 1 years with local CU ...

Anonymous · ‎07-28-2015

Thank you so much for your update and status with roadloan. This will give me some stress relief. I can't wait until I officially start working under Nike so I can apply.

Anonymous · ‎07-29-2015

Carmax will approved you , and they will offer better APR than Roadloans , but Carmax is NO HAGGLE DEALER, and their price are more expensive. So mean you can't chit chat on the price they tagged on vehicle . And another thing , my experience with carmax , they will approved you for the car with low interest but they required big amount of down payment .

In my case , Carmax have the G37s in their inventory , price was $20,999 plus tax and license ...v.v fee. OTD will be $23.2k and that's firm price , no offer , no haggle. And they run my credit check and approved me with 17% something with 10k down. Say BYE right away ....

Later few days, I did roadloans and get same interest but the car price is cheaper , that's why I pick Individual Purchase and unbelievable , get low interest ....

Anonymous · ‎07-29-2015

Thank you so much for more information.
I do have a few questions.

What documents does roadloan need?
And
Since I will be a Nike employee soon (august 3rd). Do I need to provide a pay stub(bi-weekly check) or proof of employment?

Anonymous · ‎07-29-2015

The document they required base on your information you give them when you fill out ur application .

In my case : paystub bi-weekly ( of course ) , driver license and proof of down payment on money order . " SCAN " to your laptop and email to the agent who handle your app , they won't accept picture take by phone . Or can be fax to the number they gave .

Be exactly on income when you do application , if not match , they will ask you for big $ down payment . The amount approved base on your income and the rate base on your score .

Anonymous · ‎07-30-2015