Roadloans???

[EDub357]

Roadloans gave me approval for $18,000.  That isn't enough to purchase the vehicle I was looking at.  What can I do about financing the rest? 

[Anonymous]

Did you enter the amount that you wanted?  I went through them and ended up getting a better PR at the dealership.  I would call them if you haven't already to see if you can get a higher amount. They are very nice on the phone.

[EDub357]

I called and they said that is all they can do.  And the dealership acts like they can't get me approved.  THe approval from roadloans is 11k short

[Anonymous]

Unless you take out a personal loan in the form of a written check to yourself to pay cash for the rest of the vehicle there isn't another option.

I would suggest rethinking a $30K car. There might be a good reason behind them not offering to loan you more (which could be a blessing in disguise).

If you are comfortable with it, post your scores, income etc. and people might have more insight for you.

[EDub357]

Well, approval has to be based on EQ only.  The other are in the dumps.  EQ is 668 and income is 75k a  year. 

Message Edited by EDub357 on 06-19-2008 11:33 PM

[Anonymous]

Based on that info.........I CAN'T believe that the dealership won't offer you terms. With that being your high score you should qualify with no problems on a 5 year loan at 5.99% (6.99% the most).

I do remember you requesting sites that only pull EQ, but if EQ is that high I would expect the others to be at least 600....

In my experience (3 car deals) I find dealerships take the highest score to qualify for financing just to get it done.

I qualified for a $30K loan on a $43K income.....so if you make practically twice what I do this should NOT be an issue. (Oh, which is where my "blessing in disguise" came from I got screwed just because at that income I really couldn't afford it)

The dealerships might amaze you!

I wanted to add: My high score was 653 in 2005 w/ $0 Down and I got 72 months at 5.99% at the dealership (we started at 8.99%)....

Message Edited by 1111mel on 06-19-2008 09:48 PM

[EDub357]

The other two are not 600.  And the dealership tells me that I need a co-signer.  I would think that I'm financable, but dealership thinks otherwise.Which bureau does GMAC pull?

[Anonymous]

I don't know what GM pulls (I tried a quick search and couldn't find anything)....I am stumped.....really from other posters experiences and my own I can't see why you couldn't get approved.

Especially since GM has taken a beating in the market...........

I'm sorry I am at a loss of what else to suggest.

[EDub357]

So what should I do? A couple of dealerships have attempted to get me approved and couldn't.

[Anonymous]

You posted in another thread that the CU's in your area wouldn't work with you. You must have some major ding on your cr to not be able to get a auto loan or CU account with those scores and your income. How long have you been at current job? Have you had a checking account closed due to NSF? I had a family member that had good income, job history but was not so good at balancing checking account and had a number of NSF's and had late payments to auto loan that was paid off.The bank closed their account and they couldn't get a bank account opened for a long time. I called the manager at my CU and she pulled her CR and told me to send her over to open her account at my CU. There has to be something in your history preventing you from getting CU account & auto loan that you want.