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Established Member
kay9
Posts: 33
Registered: ‎04-28-2009
0

Roadloans 1.99% APR

[ Edited ]

Just browsing some vehicles on eBay motors and checked out the link ""Get Low Monthly Payments" I have read thoughts and threads regarding those getting double digit APR options but has anyone been successful in getting 1.99% for up to 72 months recently?

 

My FICO is 742 with the negative being revolving balance ratio being high and total owed on revolving accounts. Both will be worked down by the end of the year.

 

Would Roadloans be a option at this time as i am not to sure if i would be approved by any lenders due to those negative items?

 

Loan would UP to 25,000 with 6k down. The vehicle i am looking at is not really common locally which is why i am reaching out of state for purchasing a used vehicle.

 

Thank you kindly.

 

 

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Roadloans 1.99% APR

[ Edited ]

kay9 wrote:

Just browsing some vehicles on eBay motors and checked out the link ""Get Low Monthly Payments" I have read thoughts and threads regarding those getting double digit APR options but has anyone been successful in getting 1.99% for up to 72 months recently?

 

My FICO is 742 with the negative being revolving balance ratio being high and total owed on revolving accounts. Both will be worked down by the end of the year.

 

Would Roadloans be a option at this time as i am not to sure if i would be approved by any lenders due to those negative items?

 

Loan would UP to 25,000 with 6k down. The vehicle i am looking at is not really common locally which is why i am reaching out of state for purchasing a used vehicle.

 

Thank you kindly.

 

 


You have a FICO score of 742 ?  If that's true, I can't think of any reason why you wouldn't be approved, unless it is a DTI issue.   What is your auto loan history, have you had previous car loans ?

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
kay9
Posts: 33
Registered: ‎04-28-2009
0

Re: Roadloans 1.99% APR

[ Edited ]

Thanks for the response.

 

Have one auto loan "joint account" from 2003 for $29k from a Credit Union. That was paid off in 2010 and the credit report shows "Closed or Paid Account"

 

Was thinking of trying of going through the same local Credit Union since they may take that previous loan as a good sign. Just their lowest APR offered is 3.9% for used vehicle loans

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Roadloans 1.99% APR


kay9 wrote:

Thanks for the response.

 

Have one auto loan "joint account" from 2003 for $29k from a Credit Union. That was paid off in 2010 and the credit report shows "Closed or Paid Account"

 

Was thinking of trying of going through the same local Credit Union since they may take that previous loan as a good sign. Just their lowest APR offered is 3.9% for used vehicle loans


I'd definitely recommend talking with a CU, and you should probably shop around.   You should be able to get a better rate than 4%, certainly with a 740ish FICO score.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Moderator
Revelate
Posts: 9,413
Registered: ‎12-30-2011
0

Re: Roadloans 1.99% APR

[ Edited ]

Well, used vehicle financing is typically at a higher APR than new; that said, there are loans down in the 2% or just under range currently.

 

If you were buying new you likely could wander down to any manufacturer and talk to their captive lender and simply demand their tier 1 offering, as you're likely gold plated as soon as you pay down the revolving utilization if you're sitting at a 740 now (which is an excellent score regardless).  Certainly Penfed and DCU are throwing money at people with regards to car loans right now, and it's worth checking them out if your CU won't be at your desired rate... I would tend to suggest always going with a CU or national bank in your situation, as there's relationship upside potential there, where there's none with Roadloans.

 

Personally if I were doing it now in your situation, I'd wrap my arms around Penfed but I'm sure there's other high quality lenders out there as everyone is going to want your business when it comes to an auto loan right now.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Member
kay9
Posts: 33
Registered: ‎04-28-2009
0

Re: Roadloans 1.99% APR

[ Edited ]

Sorry for the belated response.

Even though I would love to go a head and start applying for pre approval options I think I may just wait it out for a few months to bring my score up higher as one of our local CU's is offering 2.9% APR for 60 month for 750+ FICO scores. I pulled mine yesterday and it shows 749. Negatives on my EQ report is high revolving balance total of 55% and lack of recent CC activity.

Balances are for 2 CC

Target - $2327 balance - $2900 Limit

Lowes - $3,139 balance - $7100 Limit

 

Once I bring down the balances sufficiently then it should help more with getting a great APR. They seem to be reporting monthly so that is great.

 

The reason for buying used as that i  have always wanted a 6.1 Jeep Grand Cherokee but the only body designs i like is 06-10. Not a fan of the WK2 models.

 

 

 

 

New Member
AMotorist
Posts: 3
Registered: ‎01-29-2013
0

Re: Roadloans 1.99% APR

For what it's worth, I have a loan through them, and the customer service is atrocious. They are suuuuper sketchy. Go elsewhere if you can.


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