topic Re: Capitol One said NO and Roadloans said YES in Auto Loans

Capitol One said NO and Roadloans said YES

App_Addict — Tue, 12 Aug 2008 00:29:54 GMT

Not sure what the reason was that Capitol One said No to me. I have a vehicle that is with them at present and have had for 1 and 1/2 years and never been 30 days late. Ready to trade that vehicle, and they shot me down. Roadloans came back today with an approval for the $20,000 I ask for, so that made me happy! High IR at 18% so may still shop around a little, but nice to have the Blank Check.

Re: Capitol One said NO and Roadloans said YES

Anonymous — Tue, 19 Aug 2008 17:23:57 GMT

Cap 1 turned me down too. 18 percent is better than the 25 percent I am paying and my scores are almost the exact same as yours. You should be thankful they said yes.

Also, doesn't it bug you a bit to see others on this site with scores like ours bragging about how many CC's they have and lower interest car loans?

Re: Capitol One said NO and Roadloans said YES

Anonymous — Wed, 20 Aug 2008 18:12:10 GMT

A year and a half ago the credit situation was much different nationally. Lenders have tightened their credit requirments considerably since the beginning of 2007. Also the fact that you specified that you have never been "30 days late" insinuates to me that you have been late. Late payers make credit issuers extremely nervous.

Couple these two facts and viola, you have your denial.

Re: Capitol One said NO and Roadloans said YES

niecey89 — Wed, 20 Aug 2008 19:35:27 GMT

I went to Lending Tree and received a few "YES"s on auto loans. (cap1 said no and i have 2 CCs with them.) Roadloans approved me with 16% and Directloans 13.99% were the lowest. When i went to the dealership (Nissan) with the checks they gave me a slightly better deal with 13% from AmeriCredit.(the finance guy negotitated the deal with the finance company. I have a 2007 Nissan Xterra with my FICO scores below 550. Thanks Nissan. so far my scores are slowly going up (despite me having slow payments with SallieMae). I make my payments on time and have never been late. Robert keep trying if i can get a $30,000 with FICO scores below 600 you can get financed.

Re: Capitol One said NO and Roadloans said YES

App_Addict — Wed, 20 Aug 2008 20:29:45 GMT

Thanks Niecey for your post. I went to Ford and should have some info. on that soon. I thought they were going to tackle me when I said that I had to go, and I would come back once they knew something