This will be a very long post. I hope it helps somone because stripperweb has helped me in the past. if you do not have the patience to read this then you obviously do not need the help that badly.
First let me say i found this website when looking everywhere online for information on how to rent an apartment/house and get a car new or used without proof of income/employment. i found many websites but the advice given by the girls here was most helpful. i'm going to explain to you all exactly how i was able to get a car with no money down and no trade in.
I was self employed and have been for almost a year. I had an income of $3000-$3500 a month. I had no employment the year before i became self employed and the year before that I only worked for 6 months making 14$ an hour. 1/2 of that 6 months was for a temp agency. in other words I had very sketchy employment history for the past 3 years. I have 30,000$ in student loans i am years behind on and 10,000$ in credit card debt that has went into default for lack of payment for several years. my credit rating is almost as bad as possible, it is around 450. i think 400 is rock bottom.
I found a company online that lends money for people to buy new and used cars. the name of the company is ROADLOANS and company is owned by Ford motorcompany. you must be over age 18 and have a valid drivers license to fill out the very brief online application. i was extremely skeptical i could get financing from anyone other then those rip off used car places that charge you 20% interest or make you pay every week! i filled out the application anyways cuz i had nothing to lose. I told them on my onlline application i was self employed as a web designer and that i made 3500$ a month. they sent me an email a couple days later telling me i had been approved for $7,000 - $18,000 financing at 14.67%!! whoa i didn't believe it i thought i was being led on and there was a catch. they sent me a blank check in the mail via DHL and more application information that told me i had to send them a few forms like... a copy of my drivers license and current proof of liability auto insurance. along with 3 references (relatives) but they told me i did not need to complete the employment history section. I COULDNT BELIEVE THIS! so i called them 3 separate times to get 3 separate verifications that the blank check they sent me (good for 7k-18k my choice) was real and not a gimmick. every representative i talked to told me that i had been approved and that i did not need to prove income. they also knew about my credit history because they had me verify my identity by telling them a name of a past creditor on my credit report. ok so now im shocked. i have no credit, they know i am putting NO MONEY down, all they know is i told them i have 3500$ a month income. anyways i didnt care if they fucked up or were desparate for customers i went ahead and found some cars online i liked in the 10k range. they happened to be used. i called 8 dealerships and asked them if they accepted checks from roadloans.com and they all said they would rather finance me themselves but yes they would take the check, however i would have to wait 48 hours roadloans to activate the check once they sent in the paper work.
roadloans has certain requirements on the car you buy to prevent you from getting ripped off and them from getting ripped off if you don't pay. the car has to be in your state. the car has to have less then 70,000 miles and cant be older then year 2000. the car cant have more then 500$ in add on options but you can have all the extra warranty options you want as long as the cars total cost is not more then 120% of the retail value according to . i found a car that was 1 1/2 years old and had 20k miles on a no haggle lot. oh yea the car has to be on a major car dealers lot like ford, honda, toyota, mercedes, etc. not from a private seller or one of them independant lots. i added on an alarm system and an extended warranty and filled out the paperwork at the dealership. the dealer won't ask you about credit or proof of income because they know you have roadloans blank check. the dealer has to submit their paperwork to roadloans so roadloans can check to make sure the car meets the above requirments. oh yea. the dealer will also add on the cost of tax and license to the price of the car and will write you a check back for that ammount so you can have money to pay those fees after you buy the car. at my request the dealer set me up with a rental car for the couple days it took for roadloans to approve the car and activate the check so the dealer could deposit it. i recieved a call from the dealer once the check was activated and told to come in and pick up my car!! during the approval process i'm worrying thinking i'm gonna get a call from roadloans telling me i need to show proof of income or i need to put money down or my interest rate has been rasied because don't have proof of income/employment. that im gonna be scammed for more money! but it never happened they told me once they send you the check in the mail you are almost always garunteed to be able to use it. i asked 2 dealers several times "do you get alot of these roadloans checks held up or rejected" they all told me once you get the check and the car meets the simple requirements you are good to go.
14.67% is high unless you have bad credit. my father has excellent credit and he just bought a car at 9% but my sister who has average credit just got a car at 11%. some credit cards may have rates lower then 14.67% but i can not get those even for 500$ yet i got a car loan for 14k at 14.67%. you have a choice for the loan duration. my loan was for 72 months! thats a very long time and i will definitely pay the car off before this to save my self money in interest. the good thing is THERE IS NO PENALTY for paying off the car early! however if you pay a few months ahead, payment is still due the next month. you can't pay 6 months up front then not have a bill for 6 months.
one very very critical word of caution. the dealer wants to finance you himself! he realizes that he could make thousands of dollars on interest instead of roadloans and so he might try to bullshit you big time telling you that there is a problem with your roadloans check and he can fix it by financing you himself. this is a commmon tactic dealers use to trick customers into financing through them. DO NOT FALL FOR THIS!! get on the phone and call roadloans and find out for your self and if the dealer is lying walk out and do not go back. this happend to me on the first car i tried to get and the lady at roadloans called him to do a conference call with me to show he was a liar and trying to "flip " me to his financing. she called him on his bullshit tactics and he admitted it and hung up on her. he later called me and told me he made mistake with his numbers! omg i was irate and told him he lied to me and i had found somone else willing to take my money.
just to clarify the price of the car plus any extended warranties, add on options, tax and license and document fee cannot be more then 120% of the retail value of the car as listed on so if the nada vale of the car is 10,000$ your total price you write the check out for the dealer cannot be more than 12,000$ this prevents the dealer from selling you a car worth 10,000 for more then 12,000$ in roadloans mind there is no reason to evey pay the dealer more then 20% more than the car is worth. duh! but yes some people get horrible deals on cars because they do not do research. the first car i almost bought was worth 9700$ but listed for 13k at the dealership! thats 30% more than it is worth and im sure some idiot probably will get them to drop the price 1,000$ and still be paying more than 20% more than it is worth and think he got a good deal.
finally.... roadloans has gotten some bad reviews at 1 website. i think it is called ripoffreport. every one complains that roadloans comes after you like the dickens when you are late on a payment. that they use hard nosed tactics to collect their money and will call you constantly at wild hours demanding payment. this is what you accept when you have shitty credit or cant prove employment. if you pay on time, which you can do online actually, you should have no problem. they get their money plus interest and you get the car you couldnt have otherwise. i have talked to 6 people at roadloans and they were always very nice and professional the one lady even fought the finance guy that tried to scam me.
if you have better credit or can put money down or have a trade in you might get a much better interest rate. i have seen people online say they have recieved less then 9%. the interest rate is always locked in! it does not change as the months and years go by! if you are late on your payment you are charged a fee of 10-50$ but your interest rate does not go up.
2 weeks after you buy your car you will recieve a letter telling you what you owe for the first month. oh yea you must fax them proof of full coverage collision and comprehensive insurance with a maximum 500$ deductable within i think it is 30 days of buying the car.
i think that is all. i may have left something out. if you have any questions post them here and i will try to answer.
ps. for the months i was self employed before getting the loan i did not pay quarterly estimated taxes and had not yet paid my end year taxes in april so i did not have tax forms to prove my income.
good luck i hope it works for somone else because i know how it sucks not to be able to get credit or financing even though you make enought money to afford something much more expensive.
oops i need to add that i never needed a cosigner but i think roadloans has that option if necessary.
later--


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