Roadloans approved, credit score 483

[paulkchoi]

I applied to at least 10 different places and Roadloans was the only approval but at 21%. Over the life of the loan the interest would be $15,000. My BK has not been discharged yet. I will not be getting this loan. Applied out of curiousity and I found out my credit score for free. Cash seems to be the best bet.

[NHC]

I got approved through Road Loans too....the thing is they want a seriously hefty down payment....I was better off taking the down payment and buying a beater car with it.....

[SPalin]

I was just approved with Roadloans for $24,100 at 14% for up to 72 months with $500.00 down, but limited to their Preferred Dealer, which is CarMax. That is ok, but the local selection is great if you want a SUV or truck, I don't!!! I'll have to pay for a transfer or hope something comes in the next 30 days. Also, applied with CapOne (bk'd on 3 cards with them) and they turned me down. When I go in to CarMax maybe I can get a better term as some people on this board have.

[sunkinsc]

How close to discharge were you when approved?

I applied to at least 10 different places and Roadloans was the only approval but at 21%. Over the life of the loan the interest would be $15,000. My BK has not been discharged yet. I will not be getting this loan. Applied out of curiousity and I found out my credit score for free. Cash seems to be the best bet.

We are looking ourselves and don't have the money to buy a beater even with cash that I would trust with my 2 babies. I was approved by roadloans before the BK with 1500 down but I chose not to get a new car and then file. But now I would like to apply again but I am afraid to get declined and take a hit on teh credit report. We are 3 weeks from our discharge so we need to start the ball rolling soon on a reliable vehicle as we are surrendering what we have.

I did go by drivetime today and they basically told me 1300 down for a P.O.S that I would end up paying way to much for. I may have filed BK but I am not going to let them ram me up the you know what like that.

[SPalin]

If you have a Carmax nearby give them a try. A close friend and coworker bought a Lexus from them last month and she was just discharged, too! I believe RoadLoan approved her, but Carmax was able to get a better interest rate for her like 12%, $1000 down for $20.000 though Cap1, which turned her down when she applied directly with them. In California it seems RoadLoans preferred dealer is Carmax, does anybody know if they work with any other large dealers?

[mprevatt]

I had Roadloans in 2008 and I was able to walk into any dealer in New JErsey , I had a blank check for 18,000 , the rate was 13%. But I had that car repossessed and now I don't think I will get approved with them again.
I am surprised they required down payments and certain dealers only. It was so easy back then.

[SPalin]

With credit being tightened, down payments are a norm now. As an update I did by a pre-owned Mercedes Benz at CarMax and was approved by HSBC for 12.5% for 60 months for $27,000, but only used $22,000 and that with a 690 Fico score, too!

[paulkchoi]

OK I was approved for the loan but I didn't use it. I re-applied again about 30 days later and they declined. ? ? I was hoping for a reduced interest rate. Nope. My wife and I went to a toyota dealer in torrance ca. and they offered a loan at 10.99 % if I was on the loan. (I declared BK, my wife did not) The salesman tried to convince me to "build" my credit but I asked what the rate would be if just my wife was on the loan, experian score of 733. He came back and the numbers were 6.6 %. Ok we will save about $5200 over a 6 year period, screw my credit score. And with the truecar estimate we save an additional $2000 of the MSRP. Don't go with roadloans. I love my 2010 SR5 4runner 4X4. Better than the 2011 honda pilot EX-L w/Nav that we got first.
Kind of an ugly car. Runs good though.

[paulkchoi]

sidenote,
we did put $25,000 down on the pilot, and $5000 on the 4runner. Thank you, wifes mom. Otherwise the monthly payments would have been too high.

[Lajazz947]

Been out of touch for a while but I applied and got approved with roadloans at 21%!!!!!!!!!!!!!!!!!!!!!!

Are they crazy???????????????????

I just wanted to start to rebuild my credit not file BK again.

I went to an auction house that is owned by a friend of mine and I got a 1998 BMW 540I with 130,000 miles on it, new brakes , new tires, and no engine damage for $4750 out the door tax, licence included.

I know, I know, 130,000 miles on it but the motor is in great shape and even a used transmission is about $2500 and it does not need it.

Brakes are about $1000 but they are nearly new, same with the tires.

Ok, it has a small dent and I have put in about $150 in small cosmetic stuff like an AC vent, a new center console arm rest , floormats and I have to spend another $150 on rear window generators but hell, even if I spent $4000 on the car with a new paint job and made it look brand new I have a hell of a car for less than $10,000.

The car runs fantastic, great AC, great radio, sunroof, no problems that we know of.

Who needs a new car with those payments? I don't.

Yes, I would LOVE a new Beamer, who wouldn't but I have made this a fun project. When I am done I'll get a newer one.

[StartingOver08]

Lajazz, so good to hear from you!

Congrats on your BMW...it sounds like the way to go. I agree with you BTW. Why make payments when you can own it cash? Besides, if you want to build credit there are other ways besides a heafty car payment with 21% interest!

[paulkchoi]

as long as you enjoy it, thats what counts. no need to pay high interest and get back into the same boat as before.