Auto Loan Reviews


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30 People Helped
Helpful to 30 out of 34 people

I applied and was approved... and then denied after providing additional information. Then I discovered today me credit rating dropped 43 points after OpenRoad submitted my app to at least 5 other lenders who all made hard inquiries into my credit. This has set back my efforts by to years to restore my credit. And there's likely nothing I can do about it.

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danl93230's review was:    

 
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3 People Helped
Helpful to 3 out of 3 people

Thanks to the IFS refinance loan, my loan rate was REDUCED BY 10% and my monthly payments went down by $ 80😊 The process was pretty simple and fast...a week and a half in all. Victor, my loan officer was great to work with, kept me informed throughout and was very responsive.

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gabuabara's review was:    

 
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0 People Helped
Helpful to 0 out of 1 people

I've got decent credit (730 TU and 725 EF) as of the time of this comment, and a good deal of assets.  Never had a single foreclosure or bankrupty.  Never missed a payment on numerous loans, notes and credit cards going back 20 years.

I own 9 vacation rentals, 2 residential rentals, a farm and a large lodge facility (sleeps 40).  My primary income is from software development which on its own is north of 200k per year.

All of this is well documented through bank records, statements, checks, etc.  HOWEVER I use several companies (S Corps) to deal with my income and expenses.  This is very usual for those who do what I do (small multi-business enterprenours).  Nobody runs business through the single personal tax return, at least not if you care about paying a lot to Uncle Sam.

At any rate, I told Lighstream this when sending them loan docs.  All I asked for was a simple auto loan to lower my existing rate from 3.75% down to the 2.5% they advertise here on CreditKarma.  I figured it would be very simple run-of-the-mill type processing.  I sent them returns and P&L statements from all of my businesses and explained in a note (and on the phone) that my tax returns are complicated.  They needed to look at ALL of the information I was sending them

Denied!  This is sadly typical for loan organizations of this type.  They are built as a loan factory for the "normal" wage employee who works a W2 job and checks the normal boxes.  I saw the signs early on in the application process but hoped they'd have smarter underwriters than that.  I've had to deal with this for a good decade now.  The better banks have training in place to read business returns properly.

What's irritating is that this was such a simple request.  I wasn't asking for unsecured credit or the like.  This was just to lower a 3.75% auto loan (already pretty low) to something lower to save a hundred bucks of interest per month.  This is the stuff you figure it easy.

If you're a W2 employee, this might work for you.  If you have multiple income streams at all, avoid these guys.  No point in wasting your time.

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lfonlfonlfon's review was:    

 
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Helpful to 2 out of 3 people

I am not a fake person . . I got an SL500 from a used dealer here in newport .. impulse buy for my GF, took the sucker deal loan at 12% just to drive it home as a suprise. . . knowing I would either pay it off fast or refi down the line.  Well 2 months later (now) I opened google and was like .. WTF, lets see if I can get a new loan NOW!!!  I googled something simple like "auto loan refinance" blueharbor popped up... I was kind of put off by the mostly neg reviews but I siad what the hell, whats the owrse that can happen, they dont answer or they cant get me bought at a better rate.  Bernie called me at 9am the next day and walked me through easy concise questions and got my info, shortly after they emailed me new loan docs and I signed and scanned them all . . (make sure to FOLLOW THE INTRUCTIONS!)  . .then they also email you a UPS RED label, to take the originals to UPS store and put in an overnight envelope and paste on the label they sent you. A few days later, I got an email saying my loan was comeplete and they are paying off the original lender! So in a nutshell, answering a few mins of quetions, signing like 10 times on around 30 pages total, and going to the UPS store and paying $0 to mail the docs got my monthly on that car from $476 down to $411 - oh yeah and that also includes ADDING GAP insurance .. so if im upside down on the car, and someone totals it, the difference between what insurance pays for the total and what I still owe is automatically covered! I didnt have that before .. its not a bad idea since its a 10 year old car.  Once again, they hooked me the F@CK up so i wouldnt take any negative review too serious until you try it yourself!  PS- I left out, there is one more step on the documents - 1 form from DMV needs to be notarized, you just go to your Bank they wont charge you sh!t and it takes 5 mins!

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4 People Helped
Helpful to 4 out of 5 people

The reason I rated them a 3 stars is because of the customer was great but all in all the application process was way too stressful just to refinance my car. My current APR is 9.59 and Rate Genus approved me with one of there lenders for 3.14 APR which I was excited about at the time. They kept asking for way too much information and nothing I gave them was good enough. They need prove of income, prove of child support which I happily gave them. It seemed like every time I turned around they needed more information and than they needed a $30 membership fee to some credit union out of state just to refinance my car with that lender. I thought next they were going to ask for my youngest child as collateral or maybe one of my kidneys who knows. Finally I just gave up on them and went with Capital One for a 5.50 APR but it was worth not having to deal with all this stress that's been going on for two weeks because I had applied on June 6th and it's June 19th now. While Capital One didn't require all the information that they did and sent my payoff to my previous lender in one day. Glad that is over with.

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HappyforNow's review was:    

 
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6 People Helped
Helpful to 6 out of 7 people

I read the reviews on here about how they are willing to work with bad credit scores so I gave them a try.  My score (being slightly better than some mentionied on here) apparantly wasn't good enough.  Don't waste your time and credit hit.  I will say that the lady that took my information was VERY friendly and understanding.  Their underwiters... not soo much.  Again, don't wast your time.

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JMac1773's review was:    

 
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5 Contributions
28 People Helped
Helpful to 18 out of 25 people

My husband and I recently refinanced one of our vehicles and recieved a lower interest rate and payment at the same term.  They have communicated with us several times to let us know about their company and procedures.  First bill is paid, and we couldn't be happier with them so far.  We're looking into refinancing our other vehicle to them as well. 

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thenantuckettriumph's review was:    

 
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27 People Helped
Helpful to 13 out of 17 people

I am not sure why all the negative comments i am on my second BMW. Much to my surprise i was actually approved thru BMW Financial for my first BMW (2008 328 XI Coupe)

i thought for sure you needed a 700 credit score or more to get into one but at the time my credit was poor i mean poor and i was approved. After going thru a Job lay off BMW  customer service was actually great they worked with me untill i was able to get everything back on track. Even after that i was actually approved for a lease option wich i thought i would never be able to, i declined due to milage issues but i was able to get financed for a 2013 left over BMW F30 with only 13K miles and with the new car scent still on it !!

For anyone who wishes to i highly recommend BMW over any American P>O>S any day. My 2008 328XI was purchased with 28k miles on it i had it for 3+ years because of my long commute i accumilated 178k Miles by the time i got rid of it. Original Rotors, Original Water Pump no Major mechanical issues no suspension problems all i did to the car was Oil changes, Tires and alot of car washes. Dont listen to all the negative comments i am a BMW customer for the rest of my day now. Sorry Ford, GM and Chevy i tried but you guys are way behind when it comes to Quality in Cars.

BMW Financial has many different ways to get you approved, having said that be prepared to pay high interest rates but that is true about finacing you get with less then perfect credit

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JMD3454's review was:    

 
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Helpful to 2 out of 3 people

First Capital One interest is really high.  I am a student in the medical field, they gave me a loan for my car a year ago. Now that i am done with school i have to do my externship working in a hospital with no pay for 4 months.  Have all my paper work ready, I have contacted Capital One bank 3 times about this matter to see how they can refinance or if they have a program for students since i do not want my credit to be affected because of my school. One of the Manager I spoke with on the phone, Chris, told me they cannot help in this matter and they will report me to the Credit Bureau after 30 days of no payment.  I just don't understant how such a well known Bank has nothing in place for students. Unbelievable that it is just about money!

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Helpful to 19 out of 22 people

I am on social security and only get paid 2nd Wednesday of every month.  I have asked twice to change  my due date with the promise of moving it 10 days (but that has not happened).  It's like talking to a wall???? 

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