Was approved though road loans but have a question?

[CJIII29]

I just was trying to see if road loans approved me for a car loan, here are the rates, are these rates kind of high?  Or should I wait till I get a better rate, they say I have a credit score of 704.

Current Selection Basic Offer

Approval Amount	$10,267
Monthly Payment	$220
Annual Percentage Rate	26.76%
Term (in months)	72 Months
*Minimum Down Payment $2400

Current Selection Lowest APR

Approval Amount	$13,691
Monthly Payment	$184
Annual Percentage Rate	22.71%
Term (in months)	72 Months
*Minimum Down Payment	$6,500

Current Selection Lowest Down Offer

Approval Amount	$8,156
Monthly Payment	$184
Annual Percentage Rate	26.76%
Term (in months)	72 Months
*Minimum Down Payment	$1,600

[CH-7-Mission-Accomplished]

With all three FICO scores over 700 you should be looking at rates around 1.75% to 2.5%.  Why on earth are you looking at Road Loans?  The rates you are getting are for people with undischarged bankruptcies.

What am I missing here?  Have you applied for preapproved financing with DCU?

[CJIII29]

Have no try DCU yet, I may give my local credit union a try.

[CJIII29]

I thought I should get a better rate!

[CH-7-Mission-Accomplished]

Yeah unless there is something really bad, like you have no income or something, you should be getting the best rates around with your scores.

Road Loans would be happy to jack you for 26% interest, though, if you want to be their friend!

I have to ask you, you have a post count of like 170 posts.  Honestly, did you think you were in the category of borrowers who would be getting auto loan offers in the mid 20's?  Yikes, I'm not sure what you have been reading on here (grin).

[Anonymous]

Do you have a repo or something? Because with 700+ scores you can get 0% financing in a lot of places like hyundai and such. If your income can't support a new car payment, they will still approve you with a very low interest rate on a used vehicles. 

Stay away from buy here/pay here places and other shadier type locations, because you have good scores. 

[CJIII29]

Nope I have no repo, I make $22,048 a year, I started a new job with the city of Montgomery!

[Anonymous]

Good for you! If you have limited car credit, maybe go see your local credit union since your scores are high. They should treat you well. 

[CJIII29]

Could I get a new auto loan for $26,000 with 20% downpayment?

[sccredit]

That would probably be puching it butanything is possible.  I would definitely talk to a credit union and they will tell you what you're approved for (I am assuming you'll be approved with scores above 700!)