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Established Contributor
Posts: 630
Registered: ‎06-20-2007
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Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

I was wondering ...I'm thinking I may take an auto loan. I don't have one now and would like to give my credit a better mix and maybe boost my scores...I have two cards with HSBC $750-30moHist.-$60bal.  The other $1000-6moHist.-$26bal. It looks like when I got the last card they pulled EQ only I dont see an inq on my other CR's. My score with EQ is 691 do you think I can get instant approval or all the red tape? Or does anyone know a better way for me to go? I would perfer not to document anything!
9/18/08 TU=707 EQ=706 EX=702
Frequent Contributor
Posts: 328
Registered: ‎05-18-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

I just got approved by Roadloans and Capital One.  Roadloans only pulled my EQ.  Capital One pulled EX and EQ.  The rate I got from Roadloans was the lowest one I received (even lower than my credit union who I eventually used).  Unfortunately they only allow you to buy from a franchised dealer and I was buying from a friend who is an autobroker.   I was approved for both Roadloans and Capital One within an hour.  My EQ score was 673 at the time, so I don't think you'll have much of a problem with your score. I honestly wish I had been able to go with Roadloans.  Besides the rate being lower, they were very easy to deal with when I called them and the process couldn't be better.  I got my blank check from them right away.  I would highly recommend applying there.
Established Contributor
Posts: 630
Registered: ‎06-20-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

Thank you for the info....if you don't mind me asking did they require any suporting documentaion, pay stub, etc.?
9/18/08 TU=707 EQ=706 EX=702
Established Member
Posts: 22
Registered: ‎06-23-2007
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Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

I have had a Household Bank card since filing BK in early 2001.  It went unsecured in 2003 and I still use it.  I bought a new car a couple of years ago and Capital One financed it at 9.25% interest with $500 down (was a 2003).  I think my FICO score then was around 635-640 and they pulled Experian reports.  Shortly after that I received an invitation letter from Capital One to apply for a Mastercard.  To my shock they sent me an unsecured card with a very high limit (much higher than any other card I have).  This was only 3-4 months after buying the car.  When I applied for the car loan they didn't require anything just verified my employment as far as I know.
 
ErikArizona Smiley Happy
 
Starting Score 02/2001 BK - 472
Current Scores 07/26/14 - EX 761, TU 742, EQ 738, FICO 720
Utilization - 13.40%
Gardening Until 5/2016 - Chase Sapphire Preferred Visa Signature 16.4k, Capital One Venture World MC 12.5k, BofA Cash Rewards MC 10k, Walmart Discover 8k, Citi Hilton Visa Signature 8k, Wells Fargo Propel AMEX 7.5k, Harley Davidson Visa Signature 7k, Citi Diamond MC 7k, Discover IT 6k, Chase Amazon Visa 5k, AMEX Delta Gold 3.8k
Frequent Contributor
Posts: 328
Registered: ‎05-18-2007
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Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

To approve me they didn't require any kind of forms.   I just took a look at the check and info packet they sent to me, and it looks like they only require you to fax in three personal references, the signed security agrrement and a copy of you car insurance and driver's license before they activate the check.
Frequent Contributor
Posts: 328
Registered: ‎05-18-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

By the way, they were also very generous with the amount they were going to give me.  I asked for 18,000 and they approved me for 22,500.   You just make the check for any amount up to the amount they approve.  Like I said, I wish I could have gone with them.
Member
Posts: 7
Registered: ‎06-16-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

We got a car loan through Road Loans last August. I would highly recommend them. The process was simple. They sent the packet. All we had to do was give three references and sign some forms. They called to verify our information. Make sure you call them back. We were approved for $28,000 with sub-600 FICOs.
 
I would highly recommend Road Loans. It has been a very easy to deal with. Their prompt reporting of payments is really helping our credit.
 
 
Established Contributor
Posts: 630
Registered: ‎06-20-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

thanks everyone for the info...I just don't want to pay 12-13% for a auto loan...this is why I was asking. Do you know what kind of rate roadloans do? and if you can share your scores at the time would help.
9/18/08 TU=707 EQ=706 EX=702
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

I had exactly the same good service from Roadloans that Pink described with scores about 650..
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

8.5% for 72 months for $30,000 load with fico of 650.  The amount was for any new or used car (2001 or later with less than 75k miles).  It also covered any upside down on trade in.  No down payment, no pre-payment penalities for early loan payoff,  and no gimmicks - very easy to work with.  Like Princess said, you must use a franchised dealer.

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