Roadloans from Lendingtree.com

[Lovelygal31]

My husband & I need a new car. Our scores are mid 500s to low 600s. We applied through Lendingtree.com and got pre-approved through Roadloans.

What was your experience with them? Do we get a blank check? Do we pick where we want to go shop or do we have limited places we can go shop? Any feedback on Roadloans will be great!

Any other options for credit scores like ours to get a nice SUV? We are looking to finance under $20K.

Thanks!

[maynie]

Be careful if you decide to take this loan. The interest rates with this company are usually extremely high. And most likely the dealer will have to pay a fee to them in order to sell you a car. This makes the dealer less likely to come down on the price. Taking a loan like this puts you in a much greater position to be upside down quickly.

Do you have a local credit union you could apply? My score was similar to yours last year, but my CU still approved me (at 9.9%) since all my collections were paid. I think my credit Union cared much more about the content of my report rather than the score. I had 3 credit cards paid on time for 3-5 years (all low limits) and the collections I had were paid. I ended up buying a $10K car. After all the taxes, tag, processing, and warranty the loan was over 12K. 

If you feel like this is your only option I personally wouldn't buy a car over $10K. This would put your note in the $300 range and you can maybe pay a little extra on it while rebuilding your credit and saving for a down payment on your next vehicle.

[sambest1979]

+1 , they will approve you, but the interest rates are ridiculous!!!!!!

[nathan]

Expect high interest rates. It is not just raon loans, most lenders will give you the worst rates because of your scores. You may always ref after improving your scores though. If you are a member of a cu, try them first and see what they offer. It is very likely, they will beat road loan, but still expect it to be high.