Read on to learn about RoadLoans and whether they’re right for you.
Who are RoadLoans auto loans designed for?
RoadLoans has auto loans for all credit types. You can score a low-interest rate with excellent credit, or you can still get approved if you have bad credit. In fact, the typical RoadLoans borrower has a FICO score of 560, according to the lender.
As a direct lender, RoadLoans makes it possible to get your auto loan before you even get to the dealership, making it easier to get in and get out with the car you want.
Based in Dallas, Texas, RoadLoans is the direct lending division of Santander Consumer USA. It was originally founded in 2000 and acquired by the Spanish banking group in 2009.
While Santander’s auto loans are only available in 12 states, RoadLoans offers car loans in 45 states, making it easier for borrowers around the country to get a loan.
RoadLoans: Auto loans review
In addition to new auto loans, RoadLoans also offers auto loan refinancing.
“One of the biggest reasons that people refinance their auto loan is to decrease their interest rate or lower their monthly payments,” says Korey Adekoya, business development manager at Shabana Motors.
“If, for instance, you improve your credit rating over the course of your initial loan, you may consider refinancing to get a better interest rate with your improved credit score,” he adds.
You can use a RoadLoans auto loan for cars bought from dealerships or private parties. Loan amounts range from $5,000 to $75,000, depending on your needs.
If you live in the following states, though, the minimum loan amount is higher:
- Arizona: $10,001
- California: $6,000
- Massachusetts: $6,001
RoadLoans interest rates and fees
Even though RoadLoans is focused on helping people with less-than-stellar credit, it also offers competitive interest rates if you have excellent credit.
Check out our RoadLoans review page to see the most up-to-date interest rates available.
The good news is that there aren’t any other costs to get the loan. RoadLoans doesn’t charge any fees to apply or to pay off your loan early. There also aren’t any hidden fees that you need to worry about.
RoadLoans eligibility requirements
The lender doesn’t seem to have any minimum credit score requirements. It doesn’t matter if you have bad credit or no credit at all. Of course, that doesn’t mean approval is guaranteed.
RoadLoans will review your full credit and financial profile to make sure that you can pay back the loan.
If you don’t get approved on your own, RoadLoans may ask you to make a down payment on the loan or trade in another car to lessen their risk. You can also apply with a cosigner to improve your chances at getting approved.
However, you can’t get a loan with RoadLoans if you live in one of the following states:
- New Hampshire
Your desired car also needs to meet RoadLoans’ eligibility requirements. For example, if you’re buying from a dealership, the car must be nine years old or newer. Also, the car must have fewer than 120,000 miles, so no clunkers.
If you’re buying from a private seller, the car must be 12 years old or newer and have fewer than 100,000 miles. Lastly, refinance loans are available only for cars that are seven years old or newer and have fewer than 105,000 miles.
If you’re looking to refinance your current auto loan, note that loans through Santander and Chrysler Capital are not eligible for refinancing.
The lender uses TrustPilot to show its customer reviews online. As of September 2017, RoadLoans has a Trustscore of 8.2 out of 10. The lender shows its latest reviews on its website — even the bad ones — so that you can get a good idea of what to expect.
Applying for a RoadLoans auto loan
Because RoadLoans is an online-only lender, the application process is fairly easy.
1) Go to their website. Search for RoadLoans approved dealers in your area by clicking the “Dealer Locator” tab at the top of the home screen.
2) Enter your zip code. RoadLoans has a preferred dealer network of over 14,000 dealerships, so you shouldn’t have a problem finding one nearby.
3) You’ll get a list of results to choose from. Click on the one that you want, and then click “Apply for Financing at this Dealer” on the next page.
4) Fill out information about yourself and the type of loan you’re looking for, and then submit your application. It’s all on one page, so it shouldn’t take long. It usually takes just seconds to get a response. But in some cases, it can take 24 to 48 hours to get approved for the loan after you apply. After you get approved, your loan approval is valid for 30 days.
5) Review the offers RoadLoans gives you. There will be multiple offers with different terms, so you can choose the one that works best for you. Once you choose one, you can start searching for a car.
Should you get an auto loan from RoadLoans?
RoadLoans has a wide array of offers depending on your creditworthiness, so it’s a good option if your credit is in the dumps.
That said, it’s always wise to review other top auto loan companies to compare interest rates and other offers, so that you can make sure you get the best deal.
Take the time to do your due diligence, and you’ll be much more likely to spend less money over the life of your new auto loan.
Ben Luthi is a personal finance writer and a credit cards expert who loves helping consumers and business owners make better financial decisions. His work has been featured in Time, MarketWatch, Yahoo! Finance, U.S. News & World Report, CNBC, Success Magazine, USA Today, The Huffington Post and many more.