Question: GBA Finance Pre-Qualified Auto Loan Offer

Anonymous — Tue, 11 Nov 2014 00:05:02 GMT

There's a rather large dealership in my area (offers over 14 different brands, ooh la la) and I received a "pre-qualified" loan offer in the mail today for them. All I would have to do, according to the paper, is call a number and they will tell me how much I would qualify for. The loan would be through Granite Bay Acceptance (GBA) Finance. I have never heard of this bank.

I am currently just starting to rebuild my credit. I have 2 car repossessions (one on my own, one as a co-applicant for my husband) from approximately 7 years ago that are set to fall off my CR next year. I obtained a secured credit card in June of this year. After good use, I obtained 3 unsecured credit cards in October. My plan was to garden for at least a year and not attempt to apply for a car loan until at least June of 2016. I actually do not want to see if this offer is legit and get a car today. But I am new (again) to the credit game, much has changed in 8 years.

Here is my question:

Are offers like these legit or are they similar to the Credit One credit card offers I have received and just best to stay away from?

I'm not testing any waters for a car loan any time soon. I'm just wondering if this is a sign that my credit is improving or if I'm still just getting the bottom feeder offers. Which is fine, if I am. I would like to know if I'm progressing towards a better credit situation and banks are starting to notice. Last check of my Experian (late October), I was at 652. And TransUnion was at 617. Not sure on Equifax.

Any input or information would be greatly appreciated.

Re: Question: GBA Finance Pre-Qualified Auto Loan Offer

Funky_Buck — Wed, 19 Nov 2014 06:52:16 GMT

bump...

Re: Question: GBA Finance Pre-Qualified Auto Loan Offer

StartingOver10 — Wed, 19 Nov 2014 14:04:05 GMT

Those post cards are just lead generators.

Wait for your repos to fall off. Get your financing through a credit union and do your shopping on line before you step foot onto a dealers lot. Your instincts are good...

Re: Question: GBA Finance Pre-Qualified Auto Loan Offer

sccredit — Wed, 19 Nov 2014 17:08:59 GMT

From Granite Bay's website:

Granite Bay Acceptance has developed a better way of helping people with bad credit get approved for a car loan.

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Question: GBA Finance Pre-Qualified Auto Loan Offer

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