BADDDDD credit score, Roadloans.com ????

[datoken]

I have a horrible credit score.  Mainly from Student loans (now current) and some medical expenses following my open heart surgery.

All factors aside, I got approved through Roadloans.com and want to know if this company is legit and safe?

The BBB rates it at C+ but I also know it could be low with people complaining when they were at fault..

Embarassed to say what my score is.. but 500 is a good estimate.

Also, I had my Truck repossessed but I got it back and paid it off.. it is on my record but shows as paid in full.

Suggestions, recommendations? I am working on cleaning up my credit.. I have a new position and must travel 300-400 miles per week.. my truck is a gas guzzling hog which is killing me in gas.  I do get reimbursed at 0.55/mile and plan on using these checks as my car payment.

HELP!

[StartingOver10]

If we had a little more info it would be easier to weigh some of the factors and chime in with an opinon or two.

For example, have you figured out what your income will be with this new position and the .55/mile reimbursement as well as the additional actual expenses?

What was the interest rate and terms Roadloans gave you? What vehicles are you considering? Is a truck required for your job?

[datoken]

A truck is not required,  Was looking at the Mazda CX 5 or even the Hyundai Veloster for the Gas milage and not 30K

I have an increase of 6500/yr in salary and the mileage will range between $450-$600 per month.

I need reliable, gas efficient.. (I know I cant afford a prius)   am trying to keep as close to or below $20-$23K

would like payments to be in the $400 range, I could afford higher, esp since I just refinanced my house at a much lower rate (8.0 down to 4.25)

Gross income per month about $5500, after taxes and insurance its about $3k

House 670

Electric $125

Water $50 (usually less)

Phone/Internet - necessary for work - $125

TV (optional) $80

No credit card bills, don't even own a credit card, nor have I in at least 15 years.

prescriptions run about $125 every 3 months

cell phone - provided by work

Gas right now - > $400 per month  

Student Loans - $70/month

I owe about $3k in various medical bills which I've been working on paying off for the last 2 years at around $200/month

the interest rate they offered was horrible, 17.23 on 21K 72 months..  Ick

 oh and groceries for 2 ppl about $250 a month

Thank you!

[Anonymous]

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@datoken wrote:

A truck is not required,  Was looking at the Mazda CX 5 or even the Hyundai Veloster for the Gas milage and not 30K

I have an increase of 6500/yr in salary and the mileage will range between $450-$600 per month.

I need reliable, gas efficient.. (I know I cant afford a prius)   am trying to keep as close to or below $20-$23K

would like payments to be in the $400 range, I could afford higher, esp since I just refinanced my house at a much lower rate (8.0 down to 4.25)

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Try looking at a chevy sonic.. they get 40 mpg and a brand new one is retail around 13k.. my husbands plant makes them and they are great cars.

[Creditaddict]

I'm confused...

What has Roadloans offered you? 72 months loan usually, what rate? how much can you spend? blank Check?

Google yourself a loan calculator, I use one for free on my iPhone

just sample - $22,000 on 72 months at 10% interest and you are at $408.

I don't see why you wouldn't be able to find a Prius for under $23k and still meet the requirements of RoadLoans.

[Anonymous]

If you're looking at Mazda and Hyundai - try the Mazda 3 hatchback or Accent hatchback, instead.  The CX-5 is really nice (just got one myself!), but if you're using ~$400 a month in gas, you need to get something that will give you 40 MPG.  The CX-5 won't get you close to that...the Veloster will, but anybody over the age of 19 just looks silly driving one of those things.  Not to mention, you would be packing TONS of miles on two first-year cars that have no real reliability ratings to reference. 

The 3 and the will Accent come in at lower price points, are easy and cheap to fix, insanely reliable, and you're much more likely to find dealer incentives on them - which would reduce your overall cost.

[ceva02]

Hello!

I too had horrible credit and no auto loan history and could only get approved though Roadloans. I jumped for it since I needed a car and delt with the high interest for a year. I then replaced with new car with better rates. No complaints on Roadloans at all. I had my payment set up on monthly bank drafts and had no problems. If you really need it go for it, as it seems that they are the only option. I would refinance asap. Only complaints is not a lot of options on the dealers.

Good Luck!

[Anonymous]

Did you try getting financing through the dealership? I was declined by a credit union, went to roadloans as a safety and they offered 22%, tried with the dealership an got 6.89 a few days ago. My credit scores were in 570-590 range.

[Revelate]

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@Anonymous wrote:
Did you try getting financing through the dealership? I was declined by a credit union, went to roadloans as a safety and they offered 22%, tried with the dealership an got 6.89 a few days ago. My credit scores were in 570-590 range.

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Out of curiosity, who picked up your loan?  That's a fantastic rate with your scores!

[datoken]

so I have been shopping around after reading you replies and decided that smaller and more affordable with a great gas mileage was the best route..

I went and looked at some newer used cars.. but even those with the low mileage were still pretty close of not as high as the new cars.

I've ended up with deciding on the Chevy Cruze Eco..   put $1500 down plus $2k trade in on my old truck... got dealer financing through GM at 12.4 %.. (after telling them I had been preapproved through roadloans for 17.23).  Payments will be $370 which is very affordable for me and with less gas usage.. should be in good shape..

They are even going to a dealership tomorrow to get what exactly I wanted.. right down to remote start, bluetooth, black interior..

here is the one I am getting.. but not the dealer from which I'm getting it..

http://www.mcfarland.gmpsdealer.com/VehicleDetails/new-2012-Chevrolet-Cruze-Sedan_ECO-Maysville-KY/1...

very happy.. NOW.. to clean up my credit even more with steady ontime automatic draft payments!!

Thanks all