topic Re: Looking to get a car loan. Could use some advice. in Auto Loans

Looking to get a car loan. Could use some advice.

Kailef — Tue, 03 Mar 2015 04:53:54 GMT

Ok so I tried out Experian for that $1 7 day trial thing and my FICO score on there shows it's 722. I also have a Capital One credit card that I've had for 7 or 8 months now. The credit tracker there from Trans Union reports a 713 credit score. I've always paid my credit card off every month. I've never missed a payment. I even qualified for a credit increase about a week ago from $500 to $1500 limit now. I'm trying to slowly build my credit.

I did recently apply for a loan from RoadLoans.com because I was searching through AutoTrader to try to find a deal on a vehicle in my area. According to RoadLoans, I qualified for a loan at 18% APR, which I know is high, but honestly I didn't expect to have a low score considering my situation. The problem was the requirements on their loan was for a 2015 model or higher and no more than 60k miles. Well, the cheapest one I can find really is about $14k that requires $2400 down. I had 2 options I could have done. One was $1600 down for a loan of a little over $10k, or $2400 down with a little over $13k approved. The thing is though, RoadLoans told me they pulled my score from Experian(that shows 722 on their site) and they told me Experian shows I have a 678 score. What's up with that?

I was just looking to borrow about $6-8k really with about $2k down for a $10k truck or nice used car with under 100k miles. I just don't know where the best places to apply are. I tried Capital One Auto Finance, and got turned down there too. Perhaps it's because of my situation. I only recently started working. I've been employed for about 2 months. I have been working part time, but I just switched to full time. I also draw an extra $500 or so a month every month that I can count as extra income. So I just went from making about $1400 a month(before taxes) to making about $1900-$2k a month after switching to full time.

I live in western Kentucky and I'm just wondering if there is a place I can apply for a $6-$8k loan that would approve me. I don't wan to end up applying to place after place after place after place. I know too many inquiries may damage the credit score, or at least that's what I've read. According to what I've read online through some of these sites, it's a sign of showing them you're wanting to take on new debt that you're not ready for or are desperate.

Cany anyone suggest some sites that might work with me? I know I haven't worked long, and that may be my reasons of being declined. I was hoping for about a $200 or so monthly payment loan over say 48-60 months.

Btw, I have no negatives on my credit report. I just have one account according to the reports and that's with my Capital One credit card. I know my credit building is lacking.

Re: Looking to get a car loan. Could use some advice.

SamsungHDTV — Tue, 03 Mar 2015 05:15:41 GMT

@Kailef wrote:
Ok so I tried out Experian for that $1 7 day trial thing and my FICO score on there shows it's 722. I also have a Capital One credit card that I've had for 7 or 8 months now. The credit tracker there from Trans Union reports a 713 credit score. I've always paid my credit card off every month. I've never missed a payment. I even qualified for a credit increase about a week ago from $500 to $1500 limit now. I'm trying to slowly build my credit.

I did recently apply for a loan from RoadLoans.com because I was searching through AutoTrader to try to find a deal on a vehicle in my area. According to RoadLoans, I qualified for a loan at 18% APR, which I know is high, but honestly I didn't expect to have a low score considering my situation. The problem was the requirements on their loan was for a 2015 model or higher and no more than 60k miles. Well, the cheapest one I can find really is about $14k that requires $2400 down. I had 2 options I could have done. One was $1600 down for a loan of a little over $10k, or $2400 down with a little over $13k approved. The thing is though, RoadLoans told me they pulled my score from Experian(that shows 722 on their site) and they told me Experian shows I have a 678 score. What's up with that?

I was just looking to borrow about $6-8k really with about $2k down for a $10k truck or nice used car with under 100k miles. I just don't know where the best places to apply are. I tried Capital One Auto Finance, and got turned down there too. Perhaps it's because of my situation. I only recently started working. I've been employed for about 2 months. I have been working part time, but I just switched to full time. I also draw an extra $500 or so a month every month that I can count as extra income. So I just went from making about $1400 a month(before taxes) to making about $1900-$2k a month after switching to full time.

I live in western Kentucky and I'm just wondering if there is a place I can apply for a $6-$8k loan that would approve me. I don't wan to end up applying to place after place after place after place. I know too many inquiries may damage the credit score, or at least that's what I've read. According to what I've read online through some of these sites, it's a sign of showing them you're wanting to take on new debt that you're not ready for or are desperate.

Cany anyone suggest some sites that might work with me? I know I haven't worked long, and that may be my reasons of being declined. I was hoping for about a $200 or so monthly payment loan over say 48-60 months.

Btw, I have no negatives on my credit report. I just have one account according to the reports and that's with my Capital One credit card. I know my credit building is lacking.

First of all, keep up with the no negatives on your report and you'll be able to get great rates in no time. Secondly, you should add another credit card or two to help build your profile. To answer your question, the best place to try is a credit union. However, no guarantees. If you can wait to build your credit before buying a vehicle, you'll save lots of $$$. Perhaps buy a beater for $2k cash.

Re: Looking to get a car loan. Could use some advice.

Kailef — Tue, 03 Mar 2015 05:24:52 GMT

I did recently get approved for that Discover It secured card because Experian suggested adding a 2nd card. I held off though because I didn't want to go crazy on the cards. Should I try adding that 2nd card, and split my purchases between both cards each month and continue paying off the balances?

Honestly not interesting in buying a beater vehicle lol. I call those kind "Bobby cars", referring to my brother. He buys those $500-$1000 dollar vehicles and they need repairs within a month. Most of them serious repairs that cause him to get rid of them for less than he paid for them lol.

I manage money a lot better. I know how to save, and since I only started working in January and having a nice $1-2k down payment saved already...I was just hoping to qualify for one as I could get the loan paid off in a matter of a few years. Wouldn't even need the full 48-60 months.

Re: Looking to get a car loan. Could use some advice.

Anonymous — Wed, 04 Mar 2015 00:26:42 GMT

try DCU. digital credit union. great rates with good credit scores. If you applied at roadloans one more pull won't hurt you.. they also have credit cards available.