Mortgage Loans

[hipgal0825]

I've decided to use the HSBC loan.  I had them for my last car loan.  Now to just make a decision on which of my three choice of cars to get .

[shyboy]

hi guys i just got declined by roadloan. I let my dad co sign for me but then found out that his credit wasn't what he told me it was. In 6 months from now i will apply by myself

Message Edited by shyboy on 03-30-2008 09:12 PM

[Maxwell72]

My hubby, like I mentioned before, had a score range of 560-580 on all 3 when he was accepted. Maybe you'll still get an acceptance letter with documents. If you can seriously afford to make payments every month on a vehicle, I wouldn't hesitate (for anyone else reading this) to use Roadloans. We've never gotten any harrasing phone calls, all online payments are handled properly and without delay, etc... Like I said, pretty bad reviews out there but I don't think they are honest with their payment history. I was told however, that Roadloans on your CR is viewed as a high risk loan by any other company.

[gNaRKiLL]

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Maxwell72 wrote:
My hubby, like I mentioned before, had a score range of 560-580 on all 3 when he was accepted. Maybe you'll still get an acceptance letter with documents. If you can seriously afford to make payments every month on a vehicle, I wouldn't hesitate (for anyone else reading this) to use Roadloans. We've never gotten any harrasing phone calls, all online payments are handled properly and without delay, etc... Like I said, pretty bad reviews out there but I don't think they are honest with their payment history. I was told however, that Roadloans on your CR is viewed as a high risk loan by any other company.

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Thats good to hear. The thing that was scaring me from them was that they seemed to prey on people with bad credit. If you posted your payments anywhere near the due date they would purposely not post it until it was late. The biggest thing I heard was that they would repo cars if you missed like one payment ever. Many people paid almost their entire loan off and then they would miss one payment and the car would be repo'd and auctioned off without the people being able to do anything. On the other hand maybe ill try hsbc auto loans ive got good experience with them.

[Creditaddict]

maybe it's becuase I have gone through a repo... but I have a hard time believing anyone that says they missed ONE payment and the bank took there car and wouldn't let them get it back and sold it.

or that they paid but it was within a couple days of payment date and the bank held payment.

Since when has a bank EVER wanted to take back an auto, write off a credit card, charge off loans, foreclose on houses.  It costs the banks THOUSANDS to repo cars, foreclose on houses.

They want to avoid it like the plague, that's why you can stay in your house for upwards of a year before being foreclosed on, the bank gives you everyone oppurtunity to save it, refi, work out new arrangements on current mortgage etc.

and I to have used Roadloans... and I guess what I find funny when I read this site (which I love) is people complain that they were pursued by these "bad" lenders with bad terms... but without these lenders you would have no car, or credit because your credit is to aweful for prime lenders.

The only reason I preach this is because I'm there... my credit is aweful and I welcome ALL lenders to give me credit, but it all comes down to what price I'm willing to pay for those loans, not that a bank is doing something wrong.

Sorry if I insulted anyone, half a story, half venting I guess!

[Maxwell72]

Like I said, all the bad rep is from those who wanted a car loan and couldn't make the payments on it. We got lucky with the interest rate too. Chrysler wanted a 16.9% and roadloans 9.0% I really don't feel roadloans took advantage of our situation. I worried they would, I was hesitant to do business (because of all I read) but we had no other choice. We knew what we could afford and didn't feel it nescessary to spend up to ALL the credit they had given us because we wanted to stay within a budget. I think people get careless when they've finally been approved. Then you have them coming back and posting negative comments or reoporting them to Rip Off report.

[gNaRKiLL]

Well everything I stated was of course hearsay taken from ripoff report.

The only plus I can think of them taking someones car after its almost paid for is pure profit.  You loan someone 20k for a car. They repo it, after you have paid say 16k, for missing a payment or 2.  They turn around and auction it for 12k and make 8k off you. Whether or not they can do that I have no idea im just guessing.

[konara]

I applied for a Capital One auto loan (I have a fairly new MC account with them, paid in full every month) -- they passed me on to RoadLoans who gave me 22000 at 9.56 interest rate...

The dealer said that if I was able to get that loan that I could definitely get a lease through GMAC (albiet, with a couple of percentage points for not-so-perfect credit) -- the monthly payment they quoted me is lower than my loan payment would be, so I am going for the lease.  They are doing all the paperwork tomorrow and I am supposed to pick it up in the afternoon.

I still have my blank check from Roadloans in case something doesn't work out at the last minute -- They are assuring me that the lease will be no problem, and they know I have credit issues -- I can't understand how they can know without running a report -- that is why I am still thinking I might end up using the loan after all.

Anyone else have a similar experience?  Am I missing some obvious scam or benefit to them for leading me along?  I don't remember what my credit scores are and I don't have the info with me -- but the last time I checked I had one "fair" one "Good" and one right on the border between "poor" and "fair" -- that was before I had the capital one card for three months.

[fishbjc]

No, you do NOT have to buy from a dealership.  I bought our SUV from a friend.  I like roadloans, I did have a 30 day and it wasn't reported.  They're always friendly when I call for something.  I was late a couple of times and they removed the late payment fees. 

It shows up as an auto loan and nothing else.  (How do these rumors get started)?  It used to be owned by GMAC (I think). 

Our loan is 72 months, but just make the extra payments.

Message Edited by fishbjc on 03-19-2008 01:44 PM

[LEEHI]

Hey Fish, whats the rate your paying???