Hello everyone. I have been looking at the forum for a while now but to decided to join after getting some good tips. My question may have already been answered but I will try again. I applied for a loan with roadloans and was turned down. So I tried carmax. The salesman call me and said I got approved with wellsfargo but with 20% down for a ten dousand dollar car. Well the interest rate is better than I thought with a credit score of 548 ( from consumer credit counseling-eq) 15.9. The problem is the 20% down. I asked him to try drive financial and he said by wellsfargo approving me that he couldn't go to drive. Just need to know if this could be possible or is he just trying to get more commission. Any suggestions what to do next.
I purchased my vehicle from Carmax. I've referred my friends to Carmax. Typically, Drive Financials is a last resort for financing. If you are approved through any other lender it is a positive. The salesmen are not paid any additional commission for the amount of car or the lender who finance through.
However, the amount down is similiar to the requirements of drive. They have certain stipulation like the car can't have more than 50,000 miles, and it can't be more than 2 years old, it can't be a certain make/model, etc. The rules are different now I am sure (I was there in Dec 2005).
I hope this helps. I wish you the best of luck.
Starting Score: 474 Current Score: 583 Goal Score: 650
The salesman is lying to you. He can try to push you through to Drive Financial but he may not want to because the interest rate is crazy. Though this is not his payments, its yours. However you stated that you do not have the 20% down and that may be a issue for Drive. I have them for almost 2 years now and I remember I had to put 5000 down but then again I bought a 05 Cadillac. My interest rate is around 18% which is high but that is the price I have to pay for not having my credit up to par when I applied (nor did I know of this site back then). If I knew then what I know now, I have to say that I would still have accepted the loan from Drive so that I can have a Auto loan on my credit. I have never had a issue with them YET. However, about the dealership is the ONLY person that can apply for you to go with Drive, you cannot apply on your own. This is cause they want to know that you at least attempted to go with a stronger finance company before resulting to them. This is a last resort company, but that is the price we pay for not having the best scores. My score then was in the LOW LOW LOW 500's. And now it is climbing higher. I know that when I reach 700 I will refinance with a better company and get a better rate and lower payment and save money altogether......Sorry if this post came to late for you.