AUTO LOAN

[mzsweet]

my credit score is between 630-640. I applied at capital one and beneficial..both denied. I got approved trough roadloans up to $25,000 @ 13.34%. I'm wonder if I should try else where being the cars I want are around 19,000-23,000. I've bank with BofA for about 4 yrs now and recently joined a credit union (have a secured card with them). Should I try BofA or the credit union....are someone else period.

[CreditDrama85]

your score is too low for B of A, you would be wasting an inquiry. why did capital one deny you?

[Anonymous]

Did Roadloans require a down payment for the loan, or are u trading in a car?

[mzsweet]

no down payment was required

[haulingthescoreup]

I would check with your CU. Print out your most recent FICO score reports, take them with you, and ask the CU CST if they would likely approve you and at what rate with your history. Naturally, they will have to pull a hard for actual approval, but they ought to be willing to tell you first if you're in the ballpark, by looking at your reports and talking with you. Be sure that they understand that you don't want a hard inquiry unless they feel that you would qualify, and you like the terms. Of course, with auto loans, all inqs within a given time period are supposed to be treated as one for scoring purposes, but I like playing it safe.

This is one of the advantages of working with a credit union! Good luck

[Anonymous]

NEVER EVER use car dealer financing unless you have at least 660 most of the time. There is a reson they do not want a down payment.

 There is a nasty thing called hold back and that is how they make a killing off of you. Say they tell you they can get you a 16% loan but they probably bought it at 10 or 12% making a good 6% or so off of you. 

Go thru your CU, they will take much better care of you.

Numbers are not exact but just for comparison.