What We Love About New Roads Auto Loans

New Roads Auto Loans has a good reputation for providing car buying options for subprime buyers. Many customers express that they are grateful the company helps them buy a car when others won’t work with them because of their low credit. 

The company also offers several incentives based on how and where you buy your car. These include a reduction in interest points, for example, if you buy a car from a certain dealership.

What Could New Roads Auto Loans Do Better?

One of the main drawbacks with New Roads, as with any subprime loan, is the high-interest rate. As a customer, be sure to shop around and examine all of your options before you make the decision to borrow money. Otherwise, you could get stuck paying too much for your loan. 

New Roads Auto Loans’ Background

New Roads Auto Loans is a part of Consumer Portfolio Services. Consumer Portfolio Services Inc. (CPS)is a specialty finance company that provides indirect financing for people with credit difficulties who are purchasing vehicles. The company works with car dealers nationwide. 

New Roads Auto Loan is the direct-to-consumer division of CPS, and it also specializes in providing financing to “good people with credit problems.” The company believes that even those with poor credit should be able to access financing.

The Verdict

As a division of the large and experienced CPS, the company is no newbie to the bad credit vehicle financing niche. It has been doing so for over two decades and seems to have its system worked out. Customers are often very happy with the experience.

New Roads enables car ownership for many who wouldn’t otherwise be able to get it. With the flexible approval requirements and no down payment, the barriers to ownership are low.

Interest rates will still often be on the higher end, but that is to be expected with higher risk lending. If you have bad credit or no credit, it’s a good company to consider.