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Roadloans Preapproved Financing


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My husband and I are rebuilding our credit and have improved our scores quite a bit in the last few years, however we still have credit scores on the lower end. We need a car and decided to apply at Roadloans.com. Im nervous about the fine print. We were approved for a ridiculously high loan amount of $35,000.00 and we do not plan to finance that amount for a car. Do you know, are we responsible for paying back the entire prepproved amount of $35,000 loan regardless of what car I choose up to 35k or am i just paying back the price + interest of the actual vehicle that I choose at the dealership. I don't want a 35k loan even if I choose a 15k car. I've seen some shady loans and I just wondered if anyone has experience with this? Thanks

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My husband and I are rebuilding our credit and have improved our scores quite a bit in the last few years, however we still have credit scores on the lower end. We need a car and decided to apply at Roadloans.com. Im nervous about the fine print. We were approved for a ridiculously high loan amount of $35,000.00 and we do not plan to finance that amount for a car. Do you know, are we responsible for paying back the entire prepproved amount of $35,000 loan regardless of what car I choose up to 35k or am i just paying back the price + interest of the actual vehicle that I choose at the dealership. I don't want a 35k loan even if I choose a 15k car. I've seen some shady loans and I just wondered if anyone has experience with this? Thanks

 

You can pick whatever car you want up to the $35,000 including only getting a car for $15,000.

 

Be warned though, Roadloans is Santander and they are the bottom of the bottom. I know you are rebuilding your credit and I was in the same position as you are and needed a car. At 21% interest though, its not worth it.

 

You are better off saving some money and buying a decent used car for Cash then going with Roadloans. All of your payments go to interest and there will be no way for you to re-fi unless you are able to overcome the negative equity you will have.

 

Also, alot of dealers won't accept the Roadloans approval as the fee to them is so high. You might have better luck going to the dealer and seeing what they can do.

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I used Roadloans (a couple of car loans back) when I couldn't get financing elsewhere, and my trade-in was on its last legs. Without a car my earning potential is nil. (The beater/cash car was losing the transmission. When they went to move it from the customer lot they could only drive it in reverse. I'm glad I made it TO Carmax.) Rate is high, and many report problems if they have payment issues. But if you pay on time, no worries. Better yet, pay extra and pay ahead. I had the loan paid down to about $3,000 when I traded in THAT vehicle about 2.5 years into the 6 year loan.

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Long winded post, but bare with me :):stop: You could try financing through where you find the car. DH had no credit in June of last year except one car loan from '06 paid off '10 we purchased an RV-Travel Trailer, not a Motorhome. We got financing through the dealer and were approved 10K @9% thru Park National. And just last month we were approved for a $15K Auto Loan thru BofA, but the car dealership was not a "preferred" dealership with them, so we would have had to wait for all paperwork to make its way between the 2. DH decided to have the dealers in house finance guy see if he could match the rate and terms of BofA approval, and they did. We were able to drive away that evening with our new to us Tahoe. *The finance officers at the dealerships have relationships with the banks they finance through, and sometimes that can help.

:offtopic: Backstory in when we got our first car we went thru a sub-prime lender -wait for it... Consumer Portfolio Services :swoon: *cold chill... with a 21% APR. I think I just vomited in my mouth a little...Moving on -We were sooooo happy to pay them off -it was like a huge weight lifted off our shoulders. (we had bad credit way back when and it hurt)

 

My advice, as it is, ( :wave:DH and I began rebuilding his credit in '08 with the help of a nice CHASE bank loan officer and this website) is to get your FICO scores and Credit Bureau Reports from Equifax Experian and TransUnion. See what is on there and research :search: the heck out of this board; dispute, send letters, clean up all you can; utilize the credit pulls database. There is EVEN a lovely APPROVAL thread for CAR LOANS -that I was able to post to last month. Where members post terms, lenders, and info on their credit situation at the time of approval. This might give you some idea of what you can get. Here is the link: https://creditboards.com/forums/index.php?showtopic=313924&hl=

I am still relatively new here, even now I am still learning. The people on these boards are just amazing. You can do it. It may not be quick, but it can happen. Best of Luck!

PS if you've already done that as you say you have been rebuilding with the help of the board, don't be afraid to tell CB about your situation. I have found that the best advice comes when they know about your credit and circumstances. Again, I wish you luck. :)

 

-updated to add link to Auto Loan APPROVALS ;0)

Edited by mother.jeni
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The last post in this topic was posted 2087 days ago. 

 

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