JJ BEST BANC - JJ Best of the Worst
I want to list five reasons why I believe you should avoid this company. Though I have many more reasons, I will only list five.
To provide a little back ground information about myself. I have over 10 years of experience in banking and financial services. I previously worked for companies like Citibank, BOA and American Express. I am currently the owner of a Financial Planning firm. Thus, I have been paid to work with clients financial and lending needs on a daily basis over the last 14 years.
I contacted this company because I wanted to take a cash out refinance loan for my Corvette that I purchased over 20 years ago.
They kept telling me if your credit is good and the car is running condition everything will be fine and we can process the cash out refinance.
I decided to use this company because not many companies claim to do loans on classic cars.
Five reasons to avoid them:
1) They said my credit score was around 20 points lower
than what I have here in my hand.
"I work in the financial and banking industry so check
your score before you attempt to get a loan" (if
possible).
2) I just paid off a $500 unsecured loan two months ago.
The loan was never late. I received it from one the
banks where I worked.
Think about this when you are HOPEFULLY deciding not to
go with this company. I am willing to provide
collateral and the loan payment according to them would
have been much less the $500 that I just paid off.
Actually, considerably less than half of this amount.
3) Two different Mercedes Benz locations approved me
for financing on several 2014 Mercedes. I current have
a Mercedes that I am making payments on and they were
willing to finance another new Mercedes.
4) Please check with a local credit union or small bank
that may do Classic and antique loans. As I mentioned
earlier I work in this industry and have worked with
car loans in the past.
These people are not in the business of providing car
loans to many, or maybe even most of those people that
would qualify for auto loans. They are acquiring your
personal information, which I wish I had not provided
to these people.
5) They are making hard pulls on your credit which will
cause your score to drop!!!
In concluding, I should have just gone to a credit union or bank and received an unsecured loan. I should had paid more attention to the complaints that this business has received.
In trying to save a few % points on the loan rate, I received a hard pull on credit score.
They even have complaints with the better business bureau.
Location: Beverly Hills, California
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Comments
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Every credit bureau has different score cards, J. J.
Best Banc & Co. uses an auto specific scorecard, which is different from what you may see on an online credit monitoring company. Classic Car financing is significantly different than that of new car financing.
Unfortunately a hard credit pull is a requirement to get a loan approval with J.J. Best Banc & Co.
For someone that handle's "other people's finances" I would be scared. If you don't even know the basics.
And a $500 secured loan?
Is that supposed to be impressive? Your review is a joke.
You're an ***. I can't believe someone "in the industry" doesn't know that there are 3 major credit reporting agencies, and their scores can easily vary by 20 points.
Also, it's significantly easier to get a new car loan than a classic car loan - again, something I would expect "someone in the industry" to know.
Credit unions are where it's at, can get classic car loans at lower rates, I have got two
In past.
jj best would like to address this consumer one point at a time 1 there are 3 major credit agencies all have 7-8 different credit pulls ie mortgages/auto so a 20 point difference is not unusual 2 do not know how this loan was reported to credit agencies 4 you apply for a loan need your personal financial information to make an informed business decision 5 hard pulls or credit pulls are looked at completely different since the internet a person may go an apply on line to 5 or 6 banks so one single pull may be 1 or 2 points