new here

[Anonymous]

Hi  I am new here and shopping for a car loan.I am seeing alot of posts about roadloans.I am wondering if i should try them or go for a lending tree type thing.The thing is I already have the car I want picked out and it is a private sale for 23000.Will these types of companys fiance a private sale if it fits all the requirements.It is a 2004 with 64000 mi.My score is 588....

Thanks

Kelly

[Anonymous]

You didn't really ask for this kind of answer, but.....

$23K for a car with 64,000 miles on it is not a good idea....If you are going to spend that much money buy something brand new.

...Not to mention with scores like yours on a Private Sale the interest rate would be astronomical....with perfect scores it is still like 9%.

[Anonymous]

Thanks for your reply anyway.I appreciate it.I got denied all over the place for basically the same reason.Dont know what I am going to do now.

Thanks,

Kelly

[Anonymous]

What to do next is find a trusted friend who never has car problems and ask him or her to help you find a much cheaper car. 

I got a 2007 Tauras with 27000 miles for 10K at a new car dealer

That loan started with Roadloans at about 17% with an equfax around 575. I have since refinanced to 14.5% or so with a previous lender I had used (HSBC)

Roadloans require you buy from a new car dealer.  You can buy used but it has to be from a new car dealer that sells used cars.  The car plus any amount that you are upside down on trade in must not be more than 120% of what the car is worth. Not sure how new the car has to be but I remember that the car has to have less than 60,000 miles on it.

Hope this helps.

[Anonymous]

Look at a standard Hyundai or Kia...they still have great options and exceptional warranties...Used on something 1 or 2 years old and under $15K should work.

These are both good vehicles still working themselves into the new car market.... so they have bad resale value (to work in your advantage), but more extras than anything else in their price range.

I used to have a Hyundai Elantra Hatchback...all leather, sunroof...

Many years later (just last month) I just bought a Kia Sportage power all, leather etc. and it is fantastic!

So my advice is to take advantage of the lesser brand name...(I'm a girl so think of it as giving up the fancy Prada name for the not as fancy, but still Fantastic Kenneth Cole) (in my eyes)).