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Valued Member
CHall
Posts: 41
Registered: ‎05-30-2007
0

RoadLoans Rates

Anyone know what the typical rates are from RoadLoans?  Bankruptcy dicharged Dec 02.....Scores low 600's.  Thank You
Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007
0

Re: RoadLoans Rates

CHall, with scores in the 600's (and don't worry too much about that 6-yr old BK), you should actually AVOID Roadloans. They're set up for sub-prime borrowers and I've read too many reports of them treating their customers like trash. You would do well to stay away from bottom-feeders like Roadloans.

You would probably snag a decent rate from Capital One Auto online, and perhaps even some very favorable rates with a bank or credit union. If you choose to go through a dealer for your financing, just be sure to have them SHOW YOU YOUR SCORES so you know if they're shooting straight with you on your rate capability. And then, negotiate to get that financing at the dealer's "buy rate"... and if they won't show you what that is, tell them you'll get your own financing.

A dealer will shop you to a few lenders (Ford, GMAC, banks, etc) and they might get an offer back, say for example, of 6.9%, but the dealer will then tell you that the lender approved you at 7.9%, which just made the dealer a nice profit just on your car loan in addition to the vehicle you just bought.

Once again, do what you can to AVOID Roadloans. They are a division of "Triad Financial" which is widely known to be a "loan-shark" type of finance company. Good luck and let us know how things work out for you!
Valued Member
CHall
Posts: 41
Registered: ‎05-30-2007
0

Re: RoadLoans Rates

Thank You CreditHawk!!  You have probably saved me from going down a road I shouldn't have.  I was literally on their web site filling out an application.
Do you have any knowledge of Christian Community Credit Union?  Ive seen some good reviews on here about them & I applied a few minutes ago for a car loan.
My credit union turned me down today because of my BK.  Said it HAD to be 5 years discharged before they would give me the loan.  What really burns me is that it will be 5 years in Dec.
Might be time to look for a different credit union.  :smileymad:
Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007
0

Re: RoadLoans Rates

Ditto CreditHawk - thanks for the info on both Cap One and Roadloans!
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: RoadLoans Rates

CHawk,
 
Want to try to refi hubby's car loan but it is an upside down loan.  When we traded our van in for the car we had a balance that carried forward to the new car loan.  Loan rate is about 14% and payment is $550.  Eating us up.  FICO scores are 603 Tu, 604 EQ, 593 EX.  We are currently working on GW letters for lates that we had from 03-04.  This was the time when we were having a hard time financially and could barely make payments.  Suggestions please?
 
Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007
0

Re: RoadLoans Rates



myhearts07 wrote:
CHawk,
Want to try to refi hubby's car loan but it is an upside down loan. When we traded our van in for the car we had a balance that carried forward to the new car loan. Loan rate is about 14% and payment is $550. Eating us up. FICO scores are 603 Tu, 604 EQ, 593 EX. We are currently working on GW letters for lates that we had from 03-04. This was the time when we were having a hard time financially and could barely make payments. Suggestions please?





Don't panic. First, if you aren't upside down on your CURRENT car, you should consider trading it in for something less expensive. That would be your best option in my opinion.

If you ARE upside down, perhaps you can still trade it in for something less expensive and still come out with a smaller payment, but it might not be a whole lot smaller. It all depends on what you're trying to buy. REMEMBER THIS: a vehicle is just a set of wheels and a motor to get you from point A to point B. Just get something safe, reliable and somewhat comfortable.

So if the trade-in thing isn't an option to save you money, look to see if you can refinance with a lender. AVOID the sub-prime people like RoadLoans, etc. and try to first work with your bank or credit union. Hope this works out for you. Let us all know.
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: RoadLoans Rates

I will.   Thank you...
Frequent Contributor
MercyMe
Posts: 429
Registered: ‎04-07-2007
0

Re: RoadLoans Rates



CreditHawk wrote:
CHall, with scores in the 600's (and don't worry too much about that 6-yr old BK), you should actually AVOID Roadloans. They're set up for sub-prime borrowers and I've read too many reports of them treating their customers like trash. You would do well to stay away from bottom-feeders like Roadloans.

You would probably snag a decent rate from Capital One Auto online, and perhaps even some very favorable rates with a bank or credit union. If you choose to go through a dealer for your financing, just be sure to have them SHOW YOU YOUR SCORES so you know if they're shooting straight with you on your rate capability. And then, negotiate to get that financing at the dealer's "buy rate"... and if they won't show you what that is, tell them you'll get your own financing.

A dealer will shop you to a few lenders (Ford, GMAC, banks, etc) and they might get an offer back, say for example, of 6.9%, but the dealer will then tell you that the lender approved you at 7.9%, which just made the dealer a nice profit just on your car loan in addition to the vehicle you just bought.

Once again, do what you can to AVOID Roadloans. They are a division of "Triad Financial" which is widely known to be a "loan-shark" type of finance company. Good luck and let us know how things work out for you!

Hi, CreditHawk -- because you seem to know so much about these things, and are opposed to Capital One and Roadloans, what would you suggest to someone who will be trying to get an auto loan with 1099s?    I transcribe for an attorney when the workload in his office gets heavy -- the pay's good, but it's not consistent.  Also, in November of last year I began receiving a weekly check from my husband's company, but as I have to pay my own taxes (per him) that salary, too, is on a 1099.  Will I have a problem with this?  I have my own bank account and all. 
 
 As of today, my falling :smileywink: Ficos are TU: 693 EQ: 681 EX: 676.  They shouldn't fall too much more.  Inquiries, you know ... and a few new accounts -- Wamu and Amex, which will add $14,000 to my credit limits, which should help utilization a great deal, which is  at about 16%, without the new accounts.  The baddies on my report are a handful of 30 day late mortgage payments from 2002 through mid 2004 and an old paid charge off, from 2002.  Everything else has been paid on time.  No lates, no collections, no public records, no BK. Still in the same house, since 1987.   I've received a pre-approval from Capital One for up to $30,000, but that could mean I'll be approved for $5000, right?  I'm not familiar with Roadloans, but for Tuscani's input on them.  I'd appreciate any advice.  Thanks.
 
:-me
Established Contributor
so_confused
Posts: 630
Registered: ‎06-20-2007
0

Re: RoadLoans Rates

mercy,
 
I just took a loan with roadloans I love their program...they were easy to deal with they sent me a $25000 check in three days. My scores were in the mid-600's and the rate they gave me is 6.49% that is hardley sub-prime.  I would at least make the effort with this company they have great customer support they even gave me a satilite radio and installation...have not installed yet.
9/18/08 TU=707 EQ=706 EX=702
Regular Contributor
Joe77
Posts: 218
Registered: ‎07-29-2007
0

Re: RoadLoans Rates



CreditHawk wrote:


myhearts07 wrote:
CHawk,
Want to try to refi hubby's car loan but it is an upside down loan. When we traded our van in for the car we had a balance that carried forward to the new car loan. Loan rate is about 14% and payment is $550. Eating us up. FICO scores are 603 Tu, 604 EQ, 593 EX. We are currently working on GW letters for lates that we had from 03-04. This was the time when we were having a hard time financially and could barely make payments. Suggestions please?





Don't panic. First, if you aren't upside down on your CURRENT car, you should consider trading it in for something less expensive. That would be your best option in my opinion.

If you ARE upside down, perhaps you can still trade it in for something less expensive and still come out with a smaller payment, but it might not be a whole lot smaller. It all depends on what you're trying to buy. REMEMBER THIS: a vehicle is just a set of wheels and a motor to get you from point A to point B. Just get something safe, reliable and somewhat comfortable.

So if the trade-in thing isn't an option to save you money, look to see if you can refinance with a lender. AVOID the sub-prime people like RoadLoans, etc. and try to first work with your bank or credit union. Hope this works out for you. Let us all know.

For me, it was impossible to trade in to a less expensive car, as I had SO much negative equity.  I was in a "keep up with the Jones'" routine a few years ago and had purchased a 2000 BMW 528i.  Turns out that while Bimmers as a whole hold their value well, mileage affects their trade in value WORSE than less expensive cars, in part because of the snootiness of BMW buyers and the fact that few will buy one with the kind of mileage I had.  It has 126,000 miles, still owed $18,000 on it, this was in Feb. 2005.  The payment was $498/mo at 8% interest, but I was spending another $200 a month on average fixing all the crap that kept breaking, so I tried to trade it in.  I had listed it for sale myself for OVER A YEAR and finally gave up.
 
Basically, the rules differ, but in general, most auto loans will only go to about 125% of the MSRP of the car you are buying.  In my case, the car was worth $10,000 trade-in, I owed $18000, so I basically had to buy a car with an MSRP of $24000 or more to roll in the negative (I was not in a position to really make any significant amount down at the time) and ended up with a HIGHER payment on my 2004 Mitsubishi Galant than I had in my BMW.  Even though I got 0% financing with Mitsu, I still had a $539 payment that I still pay today.  However, I have yet to pay for any real significant repairs (it now has 52,000 miles) and it's been a great car.  I will keep it till it's paid off!  At this point I owe about $15,000 and it's worth about $11,500.
From BK to 700 FICOs in 4.5 yrs.

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