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finder.com’s rating: 3.0 / 5.0
★★★★★
With no credit requirements, this nontraditional online lender is willing to work with almost anyone who meets a few basic requirements. But watch out for high interest rates and often hidden loan conditions.
$5,000
Min. Loan Amount
$75,000
Max. Loan Amount
Up to 30%
APR
Min. Loan Amount | $5,000 |
---|---|
Max. Loan Amount | $75,000 |
APR | Up to 30% |
Interest Rate Type | Variable |
Requirements | Be 18+, monthly income of $1,800+, reside in a state where RoadLoans operates and do not have open car loan with RoadLoans, parent company Santander Consumer USA or Chrysler Capital |
To meet RoadLoans’s basic requirements, you must meet the following requirements:
You might have trouble getting a loan through RoadLoans if you’re currently paying off another car loan.
Not that RoadLoans advertises. This lender works with all types of credit, from bad credit to excellent. However, having a low credit score can keep you from getting a competitive deal and might limit how much you can afford to borrow.
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.
With RoadLoans, you can apply for:
You won’t find cash back refinancing if you live in one of the following states:
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
RoadLoans is a subsidiary of Santander Consumer USA, the bank that originates and services its auto loans. You can learn more about Santander Consumer USA with our review.
BBB accredited | No |
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BBB rating | C |
BBB customer reviews | |
Trustpilot Score | 4.5 out of 5 stars, based on 1,393 customer reviews |
Customer reviews verified as of | 16 October 2020 |
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
Yes. It’s parent company Santander gets an A rating from the BBB. It’s also been around for over 30 years — a sign that it hasn’t ruffled any regulator’s feathers.
However there are some red flags that indicate you might not be getting the best deal out there. It doesn’t advertise interest rates, which is usually the sign of an expensive product. Its mostly poor customer reviews also don’t bring much confidence.
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:
Depending on your loan, RoadLoans could ask for:
Now it’s time to start making repayments. You can pay online, by phone, by mail or through MoneyGram and Western Union. Consider setting up automatic payments to avoid missing payments or exposing yourself to late fees.
Stay on top of your finances, get your payments in on time and you should be fine. If you can afford to pay your loan off early, you might want to do so to save on unnecessary interest — but make sure you carefully read all paperwork before signing anything. If you have any questions, reach out to customer service at 888-222-4227.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.
RoadLoans Car Loans is not currently available on Finder
Have you considered LightStream Auto Loans?
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.