Roadloans preapproval letter up to 25k

[Anonymous]

I was preapproved for an auto loan through roadloans which I gather is Santander consumer USA I was wondering if I was preapproved will I actually have a great chance to get approved my income is 60,000 a year with a 590 credit score any advice will help

[Jnbmom]

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@Anonymous wrote:

I was preapproved for an auto loan through roadloans which I gather is Santander consumer USA I was wondering if I was preapproved will I actually have a great chance to get approved my income is 60,000 a year with a 590 credit score any advice will help

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I would try to work on your scores some and get that score a little higher.Do you beong to a local CU?

As fas as roadloans there have been many horror stories on that particular lender.

[Anonymous]

Yes I belong to a local credit union but roadloans said they can get me financed without a dp but who knows what the interest rate could be 

[Jnbmom]

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@Anonymous wrote:

Yes I belong to a local credit union but roadloans said they can get me financed without a dp but who knows what the interest rate could be 

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No DP with them? That's a bad sign right there and i am sure your rates would be through the roof. I would work on your credit and talk with your local CU

[ldkcivilservant]

I financed my first car with them when I arrived in the US as a new immigrant.

27.99%

Yes you read that right.

Run. Run like the wind!

[sccredit]

Check out the Capital One auto navigator preapproval. That is a much better bet than RoadLoans.

[Anonymous]

I never have no luck with Captial one

[Anonymous]

That's bad when I can get a VA home loan with a 565 mortgage score but cant get an auto loan with captial one and I actually got a 3.75% rate

[ldkcivilservant]

Apples to Oranges. A home is an appreciating asset that can be foreclosed on and sold, making the company whole.

Generally speaking an auto loan that is repossed on is never going to make them whole until they sue you for the balance.

The risk goes up, the underwriting standards go up, the price goes up I'm afraid.

[FlaDude]

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@ldkcivilservant wrote:

Apples to Oranges. A home is an appreciating asset that can be foreclosed on and sold, making the company whole.

Generally speaking an auto loan that is repossed on is never going to make them whole until they sue you for the balance.

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And mortgage lenders don't need to try to find the house to foreclose, cars are much easier to hide from the repossessor.