Roadloans?

[CJIII29]

I apply for a autoloan with Roadloans and was decline they say lenght of time account have been established, proportion of loan balances, to loan amount is to high, no recent revolving balances, length of time revolving accounts have been established and number of recent inquiries on credit report.

[j_casteel]

Do you have a question or just sharing your denial?

[CJIII29]

I was wondering why I was denial?

[Creditaddict]

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@CJIII29 wrote:

I apply for a autoloan with Roadloans and was decline they say lenght of time account have been established, proportion of loan balances, to loan amount is to high, no recent revolving balances, length of time revolving accounts have been established and number of recent inquiries on credit report.

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How old are you?

How old are your credit cards listed?

Where did you get the scores you have listed?

What credit score did Roadloans show you?

[j_casteel]

The letter gave you the reasons...you posted them in your original post.

[jim44]

CJ... Sounds like you were denied for Roadloans preapproval.  Roadloans mainly looks at income, downpayment and current obligations such as living, cc payments etc. We sold a truck to a roadloans preapproved client who had a 545 Fico. He was able to prove substancial monthly income and had 40% down. Even though he was preapproved he had to be approved for the vehicle he was buying and his interest rate was obscene.   Your denial reasons look pretty standard.... maybe it has something to do with the type of vehicle your trying to be preapproved for?

[Remember0]

OP I remember your prior post. Do you have a 15% down payment saved up by chance? If you do, I'd recommend Hughes FCU's first time buyer program.

If not you can try DCU. But sometimes they approve only 80% LTV for first time buyers (meaning you need a DP depending on how well you negotiate). But that's a YMMV thing with DCU. Some people have gotten everything financed without a problem.

Finally, worst case, you could try a dealer. A dealer should get you approved, but I would not accept a loan with an APR greater than 7-8%...they should be able to get you financed below 5% in my opinion.

[CJIII29]

My scores are fico scores. One is about 7 months old and I just got the best buy card.  665

[CJIII29]

I dont have a downpayment save up.

[Creditaddict]

did you apply only or go to dealer? that seems odd to me that them out of anyone would decline you but id narrow down what you want to buy first and then go apply at the dealership... if you have carmax, I highly recommend... super easy process and they have great to awful finance options that come up in about 2 minutes when you apply.