RoadLoans.com car loan review June 2019 | finder.com

RoadLoans car loans review

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RoadLoans Car Loans

Easy online car loans with no credit requirements — but at rates that could cost you.

Looking for a car loan but have poor or no credit? Consider driving by RoadLoans.

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.

Product NameRoadLoans Car Loans
Min. Loan Amount$5,000
Max. Loan Amount$75,000
Interest Rate TypeVariable
RequirementsBe 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
  • Age 18+
  • Monthly income $1,800+
  • Not have open car loan with RoadLoans, parent company Santander Consumer USA or Chrysler Capital
  • Reside in a state where RoadLoans operates

First, do I qualify?

To meet RoadLoans’s basic requirements, you must:

  • Be at least 18 years old (or your state’s age of majority).
  • Make at least $1,800 a month.
  • Not carry an open car loan with RoadLoans, parent company Santander Consumer USA or Chrysler Capital.
  • Not live in Alaska, Hawaii, New Hampshire, Mississippi or Nevada.

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

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 loan. 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 refinance. 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.
  • Cash back refinance. 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.

Limits on cash back refinancing

You won’t find cash back refinancing if you live in one of the following states:

  • Alaska
  • Arkansas
  • Connecticut
  • Washington
  • District of Columbia
  • Hawaii
  • Kansas
  • Kentucky
  • Massachusetts
  • Mississippi
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • Pennsylvania
  • Virginia

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.

What to watch out for

RoadLoans isn’t available in Alaska, Hawaii, New Hampshire, Mississippi or Nevada, with cash back refinancing further limited.

Keep in mind other potential drawbacks that include:

  • 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.

Compare more car loan providers

Updated June 25th, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

What does the Internet say about RoadLoans?

RoadLoans garners mixed online reviews. More than 800 Trustpilot users rate it an 8.32 out of 10, with only 74% 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. While not accredited, Santander gets an A- rating based on user reviews — an alarming 95% of which are negative. 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?

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:

  1. Go to RoadLoans. Select a loan type, enter your ZIP code and click Apply Now.
    RoadLoans application screen
  2. Complete the credit application for your loan type and click Apply Securely.
    RoadLoans application screen
  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.

I got a car loan through RoadLoans. Now what?

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.

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.

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