Finding a car loan can be frustrating, especially if your credit isn’t perfect. Many lenders act as middlemen, matching you with third-party companies instead of financing the loan themselves. RoadLoans does things differently. As a direct lender, they handle everything from application to funding, giving you a more streamlined experience.
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Compare RoadLoans with Other Lenders
If you have bad credit or no credit, RoadLoans may still approve you. They specialize in working with borrowers who might get denied elsewhere, making car ownership more accessible even when other lenders say no.
Types of Auto Loans Available from RoadLoans
RoadLoans offers financing for new and used cars, as well as refinancing options.
New And Used Car Loans
RoadLoans provides loans for both new and used vehicle purchases. The application process is fast, and many borrowers can shop for a car the same day they’re approved.
To make car buying easier, RoadLoans partners with dealerships across the country. These dealers already meet RoadLoans’ age and mileage standards and are familiar with their financing process, helping to reduce potential complications.
While working with these dealerships can simplify the experience, it’s not required. Even if you choose an independent dealership, having a pre-approved loan offer gives you more control over negotiations and helps you stay within budget.
Auto Refinance
Refinancing with RoadLoans can help lower monthly payments or provide access to cash from your vehicle’s equity.
Traditional auto refinance – If you qualify for a lower interest rate, refinancing could reduce your monthly payments and the total cost of your loan. Extending your loan term can also lower monthly payments, though it may increase the amount of interest paid over time.
Cash-back refinance – If your car is worth more than what you owe, you can borrow against the equity and receive cash. This option can help with consolidating debt or covering unexpected expenses, but it is not available in all states.
RoadLoans Fees and Rates
RoadLoans offers auto loans with interest rates that depend on your credit profile. Borrowers with excellent credit may qualify for lower rates, while those with lower credit scores might face rates as high as 25% APR. Since RoadLoans specializes in financing for bad credit borrowers, their rates tend to be higher than traditional lenders.
There are no prepayment penalties, so if you want to pay off your loan early, you can do so without extra fees. It’s always a good idea to compare offers and ensure your monthly payment fits your budget before committing to a loan.
Special Features
RoadLoans offers a few benefits that set them apart from other lenders. If you’re refinancing, you may be able to skip your first car payment depending on when your last payment was made. However, interest will still accrue during this time, which could increase the overall cost of your loan.
Another unique feature is their cash-back refinance option, which allows you to borrow against your vehicle’s equity. This type of loan isn’t common among auto lenders and could be useful if you need extra funds for other expenses.
RoadLoans Reviews
Customer feedback on RoadLoans is mixed. On Trustpilot, RoadLoans holds an 8 out of 10 rating based on over 1,100 reviews, with customers often praising the quick and easy application process.
However, some customers have expressed concerns about high interest rates and customer service challenges. Additionally, RoadLoans is a part of Santander Consumer USA, Inc., which holds an A- rating from the Better Business Bureau (BBB) but is not BBB accredited.
For a broader perspective, you can find more reviews on platforms where customers share their experiences with RoadLoans’ loan terms, approval speed, and customer service.
RoadLoans Application Requirements
RoadLoans accepts applications from borrowers with all types of credit, including those with past bankruptcies or no credit history. While approval isn’t guaranteed, you can improve your chances by strengthening your application:
- Save for a down payment – A larger down payment reduces the loan amount and may improve approval odds.
- Trade in another vehicle – Applying the trade-in value of your current car can lower the amount you need to borrow.
- Use a cosigner – A cosigner with good credit may help you qualify for a lower interest rate and better loan terms.
Income requirements may also apply depending on your credit profile. RoadLoans is available in most states, but they do not issue loans in Alaska, Hawaii, New Hampshire, Mississippi, or Nevada.
RoadLoans Application Process
Applying for a loan with RoadLoans is fast and fully online. Many applicants receive a decision within seconds, though it can take up to 48 hours in some cases.
RoadLoans may present different loan structures with varying repayment terms or down payment amounts, giving you options to choose from. Once approved, your offer is valid for 30 days, allowing you time to shop for a car that fits your budget.
Bottom Line
RoadLoans makes auto financing accessible, even if your credit isn’t perfect. They specialize in working with borrowers who might struggle to get approved elsewhere, offering a straightforward online application and fast approval process.
With a network of 14,000 dealerships, RoadLoans makes it easy to find a car that fits your loan approval. While their interest rates can be high for those with lower credit scores, the ability to compare loan terms and secure financing before visiting a dealership gives borrowers more control over their car purchase.
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