RoadLoans car loans review

First, do I qualify?

To meet RoadLoans’s basic requirements, you must meet the following requirements:

• At least $1,800 monthly salary
• No open car loan with RoadLoans, parent company Santander Consumer USA or Chrysler Capital
• Live in an eligible state
• Over 18

You might have trouble getting a loan through RoadLoans if you’re currently paying off another car loan.

• Ineligible states

  RoadLoans isn’t available in the following states:

  • Alaska
  • Hawaii
  • New Hampshire
  • Mississippi
  • Nevada

  If you want cashback refinancing, states are further limited.

What makes RoadLoans car loans unique?

RoadLoans is an online direct-to-consumer lender, which means loans come directly from this provider rather than another financing source. It focuses on customers with poor or no credit, requiring no specific credit score for approval.

Still, RoadLoans pulls your credit report, and you’ll likely end up with higher interest rates if your credit isn’t perfect.

What types of car loans does RoadLoans offer?

With RoadLoans, you can apply for:

• New car loans. Take out a fixed-term loan to buy a new car from a dealership.
• Used car loans. Pay less through a fixed-term loan for a car with a some mileage on it. Used car loans are restricted to vehicles of up to nine years old with up to 120,000 miles.
• Private-party car loans. Get financing to buy a car from a private individual, rather than a dealership. This loan is limited to cars of up to 12 years old with up to 100,000 miles.
• Auto refinancing. Trade in your current car loan for one with stronger rates and terms. Refinancing is available for cars of up to seven years old with up to 105,000 miles.
• Cashback refinancing. Sometimes called cash out refinancing, this two-part process allows you to take out a new loan to pay off your original loan’s balance and receive the difference between your car’s value and your loan amount in cash.

What rates can I expect?

RoadLoans doesn’t disclose the rates it offers on any of its car loans. However, lenders that specialize in bad credit financing typically offer rates on the higher end — especially those that aren’t upfront about the cost of the loan. You can find out if

What are the benefits of getting a car loan through RoadLoans?

• Easy, painless process. Applying online is simple and painless, and RoadLoans sets up your dealership appointment.
• Strong customer service. For support, call a toll-free number or chat live online.
• No credit requirements. You don’t even need a credit score to qualify for a loan — though you might not be able to get the best deal.
• No fees. RoadLoans charges no fees — including late fees.
• Multiple types of financing. Rather than offering the standard new and used car loans you can find with any lender, RoadLoan can help you buy a car from a private individual or get cash back refinancing.

What to watch out for

• Limited dealerships supported. Some borrowers complain they weren’t able to find the car they wanted due to dealership restrictions.
• Rates aren’t transparent. Refusing to give a ballpark on rates can be a red flag. These lenders often don’t want potential borrowers to know how high these rates are.
• Get only one loan at a time. You aren’t eligible if you currently have a car loan with RoadLoans — something it’s not totally forthcoming about online.
• Preapproval isn’t a green light. While always true with any loan, rejection after a preapproval is a top complaints about RoadLoans.

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RoadLoans reviews and complaints

RoadLoans gets mixed online reviews a of July 2019. Nearly 3,000 Trustpilot users rate it an 8 out of 10, with only 73% of them calling it “Excellent.” Reviewers praised the provider for its speed and customer service but also complain about high rates.

RoadLoans isn’t listed with the Better Business Bureau, but its parent company Santander Consumer USA is. It only scores 1 out of 5 stars and has nearly 2,000 customer complaints filed against it, Complains range from payments not going through to repossessed cars after missing a few payments.
Read our guide on finding the right car loan

How do I apply?

You can apply online or over the phone by calling 888-276-7202. Before applying, make sure you meet RoadLoans’s eligibility requirements.

If you’re confident you qualify, go through your finances to figure out how much you can afford to spend, considering monthly payments, total loan cost and a down payment.Once you’ve arranged your finances, you’re ready to apply. Here’s how to get started online:

1. Go to RoadLoans. Select a loan type, enter your ZIP code and click Apply Now.
   
2. Complete the credit application for your loan type and click Apply Securely.
   
3. You’ll hear whether you prequalify in minutes. RoadLoans provides an offer that expires in 30 days and a list of dealerships near you.
4. Research dealerships and cars to find one that’s offering the closest thing to what you’re looking for. After you’ve made a decision, let RoadLoans know so that it can set up an appointment for you with the dealership.
5. Go to the dealership, pick a car, negotiate and close the deal. Make sure to read all paperwork carefully before signing anything.
6. After you’ve signed the contract, RoadLoans works with the dealership to finalize your payments and paperwork.

What documents do I need to apply?

Depending on your loan, RoadLoans could ask for:

• Your driver’s license. Make sure it’s current, if you’ve moved recently.
• Income verification. You might need to provide a recent pay stub to confirm you’re making as much as you say you are.
• Proof of car insurance. Your car insurance card is typically enough for a car loan.

Bottom line

Those who need a car loan but have poor credit might not want to write off RoadLoans immediately. If you do decide to borrow from them, be careful when reading contracts and other documents. Ask as many questions as necessary, and try to get the answers in writing.

Even if you have poor credit, you still have options. Consider other car loan options before deciding on a lender to make sure you have what you need at the best terms you’re eligible for.

Frequently asked questions

• Can I use a RoadLoans car loan to finance a trailer, RV or motorcycle?

  No, RoadLoans financing cars only.

• Is my information protected when I apply on RoadLoans?

  Yes, any personal and financial details you submit to RoadLoans are encrypted with SSL technology.

• Can repeat customers with RoadLoans get discounts?

  No, you’ll get a similar deal no matter how often you borrow from RoadLoans.

RoadLoans Car Loans is not currently available on Finder

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• See your options without affecting your credit score
• Preview your real monthly payments
• Get pre-qualified before you buy

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