topic Re: ROADLOANS in Mortgage Loans

ROADLOANS

Anonymous — Fri, 02 Nov 2007 20:00:23 GMT

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

Re: ROADLOANS

Creditaddict — Fri, 02 Nov 2007 20:30:06 GMT

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.

Re: ROADLOANS

Anonymous — Fri, 02 Nov 2007 20:36:08 GMT

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.

Re: ROADLOANS

Anonymous — Fri, 02 Nov 2007 21:29:10 GMT

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.

Re: ROADLOANS

Anonymous — Wed, 07 Nov 2007 18:40:40 GMT

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

Re: ROADLOANS

Anonymous — Thu, 08 Nov 2007 18:42:31 GMT

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.

Re: ROADLOANS

Anonymous — Sat, 10 Nov 2007 04:05:58 GMT

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%

Re: ROADLOANS

Anonymous — Tue, 13 Nov 2007 05:45:26 GMT

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 !

Re: ROADLOANS

Anonymous — Tue, 13 Nov 2007 13:25:15 GMT

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.

Re: ROADLOANS

gNaRKiLL — Tue, 13 Nov 2007 16:39:11 GMT

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.

Re: ROADLOANS

Anonymous — Tue, 13 Nov 2007 16:45:19 GMT

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 .

Re: ROADLOANS

shyboy — Mon, 31 Mar 2008 04:12:07 GMT

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

Re: ROADLOANS

Anonymous — Tue, 13 Nov 2007 20:47:32 GMT

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.

Re: ROADLOANS

gNaRKiLL — Wed, 14 Nov 2007 04:36:26 GMT

@Anonymous 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.

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.

Re: ROADLOANS

Creditaddict — Wed, 14 Nov 2007 04:46:23 GMT

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!

Re: ROADLOANS

Anonymous — Wed, 14 Nov 2007 12:51:26 GMT

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.

Re: ROADLOANS

gNaRKiLL — Wed, 14 Nov 2007 18:56:21 GMT

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.

Re: ROADLOANS

Anonymous — Wed, 19 Mar 2008 18:01:34 GMT

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.

Re: ROADLOANS

fishbjc — Wed, 19 Mar 2008 20:44:06 GMT

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

Re: ROADLOANS

Anonymous — Wed, 19 Mar 2008 21:45:12 GMT

Hey Fish, whats the rate your paying???