RoadLoans.com car loan review June 2018 | finder.com

RoadLoans car loans review

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

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
  • 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

Rates last updated June 22nd, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must be at least 18+ years old; have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 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.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
At least 18 years old, have a valid street address, have existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

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.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site