ROADLOANS

[Anonymous]

So I'd applied through Lending Tree and got that window "congratulations you match with the following..." and was declined for Capital One (as I owe them money I wasn't surprised). Just got an email that I was pre-approved with Roadloans. I'd put down 25K, but was approved for 20K --- which I'm fine with, I've been looking around and have seen some nice cars for less than 20K.   How does it work from here for those of you who've used them? Thanks

[Creditaddict]

Roadloans, usually calls you or you call them... they send out a whole packet Fedex overnight including a blank check good to up to the 20k you have been approved for.

I believe all there loans are 72 months.

you have to buy from a dealership

you can't pay more than 15% or something over the book of the car (cover taxes and upside down from old car)

the dealership gets approval on the check in usually 1-2 days, my dealership let me take the car anyway.

I had great experience with them.

[Anonymous]

You will have to fax them some basic information for the check to be good such as a copy of a valid drivers license, proof full coverage insurance and usually some references. When you speak with them the will tell you everything they need.

[Anonymous]

Thanks for the replies.  I'm planning to submit an application/package to my credit union too.  Obviously I'm optimistic with this outcome that I'll be able to get approved at the credit union. I feel that I'd probably get 20K from anywhere I apply, but I'm re-establishing so it's all good and feel I can find a nice late model car with that.

[Anonymous]

I have a recent loan through RoadLoans.  I like the fact that I have a simple interest rate and no prepay penalty.

[Anonymous]

If you don't mind me asking, can you pls share what your scores are like and what kind of interest rate they gave you?  I'd appreciate it but also understand if you're not willing to divulge the info.

[Anonymous]

Sorry for the delay if you were asking me nfg, been online looking at cars the last week :

TU- 546

EQ - 521

EX - 580

Roadloans approved for 20K @ 16.79%

HSBC approved for 24,5K @ 15%

[Anonymous]

Congrats and thanks for sharing your success story : ) I am in the process of assisting my husband with cleaning up his credit so he can apply for an auto loan and was planning on taking his reports to the dealer so we could avoid the hard inquiry, but is applying online a better way to go? And, does it only count as one inquiry? His scores aren't as good as yours yet, so we're waiting until March . . . and is one CRA used more often than others? THANKS !

[Anonymous]

My husband got a loan from Roadloans last February. His scores were all 3 in the 560-580s. He has a 9% interest rate. We've never been late and have never heard from them! Amen to that. I was scared at first, I had read alot of reports about bad business dealings. I guess those reports must be from those who don't make their payments.

[gNaRKiLL]

I too was pre qualified through them, asked for 15k and was allowed 17k.  I read about them on ripoff report and they seemed to do a lot of shady stuff to customers and would give people insane interest rates so I decided against them.