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      October 25, 2020

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My Auto Loan vs Road Loans

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To help you find the Best Auto Loans, TopConsumerReviews.com provides you with an in-depth comparison of My Auto Loan and Road Loans.

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Where can you get the best auto loans? You're right if you suspect that the answer to that question is "not necessarily at the dealership".

You might initially be lured in by a dealership's attractive 0% financing offers - but unless you've got extremely good credit, you're not going to qualify. And, in the excitement of getting your new (or new-to-you) car, you could wind up with interest rates on your car loan that are even higher than what you'd get elsewhere.

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Best Reviews

2020

Auto Loan Reviews

3.5 stars
My Auto Loan

MY AUTO LOAN

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BBB Rating:

A+, accredited since 2003

My Auto Loan is a surprisingly good option for getting vehicle financing. Operated by Horizon Digital Finance, this service connects people who need to get or refinance an auto loan with up to four different vetted lenders in their network. Their online form only takes two minutes to complete, and you can get your funding within 24 hours - use it to go buy your car or pay off your current loan, the choice is yours.

Eligibility requirements

We had to do a little bit of digging to find My Auto Loan's eligibility requirements for their loan application. These apply only to their initial inquiry form; their partner lenders likely have further criteria that you'll need to meet. The guidelines include the following:

  • At least 18 years old
  • Minimum gross yearly income of $21,000 for a new auto loan; $18,000 for a refinance loan
  • Not a resident of Alaska or Hawaii
  • Vehicle must be 10 years old or newer, with fewer than 125,000 miles
  • Minimum loan amount of $8000 for a new car, $5000 for a refinance
  • FICO score of 575+

Helpful resources

There are some helpful resources on the main page, like an interest rate chart for the day's lowest APRs, an interest rate estimator based on your self-reported credit score, and a payment calculator. Those can give you a better idea of what the outcome will be when you move to the application process.

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Filling out the application

To get started, choose what kind of loan offer you need: new, used, refinance, private party sale, or lease buyout. From there, you'll fill in the standard details about yourself, your employment, and how much you're looking to borrow. You'll also have to provide specifics about the vehicle you're looking to buy, including the total estimated sales price, the requested term of the loan (24-84 months), and any cash down payment. Finally, you'll have to give My Auto Loan your Social Security number and date of birth to complete the pre-qualification application.

Quick turnaround

While most people get a list of loan offers right away, some lenders may need extra time to verify the information provided in the application. You'll be notified if that's the case. Otherwise, you could have several offers to choose from immediately, and the lender you ultimately select may be able to get your funds deposited within one business day.

Hundreds of satisfied customer reviews

My Auto Loan doesn't have as much customer feedback as some of their competitors, but everything we found is positive. The company has been accredited with the Better Business Bureau since 2003, with an "A+" rating there. We also found hundreds of five-star reviews from people who used this service to get their auto loan funded.

More transparency please

Where this service comes up a little short, especially when considering similar lender referral platforms, is transparency. Which four lenders do they use in their network? What are the average interest rates and fees? These are the kinds of questions that most of their rivals answer, so that prospective clients know what to expect from the beginning. My Auto Loan could perform higher in our rankings if they made that information readily available on their site.

Solid option

Those details are important because the complaints that we did find about this lending service are usually related to high interest rates, even for borrowers with very high credit scores. Everything else about using My Auto Loan is solid, from quick funding to honest customer service reps. Since there's no ding to your credit score, you might want to apply with My Auto Loan and compare your offers with one of the higher-ranked lending partners in our review.

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1.5 stars
Road Loans

ROAD LOANS

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BBB Rating:

No Rating, not accredited

RoadLoans has been around since the year 2000 and uses its network of more than 14,000 car dealerships to give customers a direct connection to both financing and vehicles. This service also works in partnership with well-known car-shopping sites like Autotrader and Cars, which can simplify the process of getting an auto loan and buying a new or used car.

Take it right to the dealership

This lending service works with people who have all types of credit, and it can be used both for buying a new car or refinancing a previously-purchased vehicle. There's a three-step process for securing financing with RoadLoans: apply online, get your results (usually within a minute!), and take your approved financing right to the dealership.

Almost instantaneous

A big perk with this service is that their decisions are almost instantaneous: there's no waiting for lending partners to call you back or send you an email requesting more information. And, there are no application fees for using the RoadLoans service; even if you've been approved for an auto loan, you're under no obligation to activate it. Your offer is valid for 30 days.

Eligibility requirements

Be aware that residents of Alaska, Mississippi, Nevada and New Hampshire aren't eligible to apply for an auto loan through RoadLoans. Additionally, you have to be at least 18 years old and have a minimum income of $1,800/month to qualify for a loan.

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Helpful calculators

We recommend that you read through RoadLoan's "Our Auto Loan Process" page. There, you'll find helpful calculators that can give you an estimate of how much you can afford to borrow, including extras like extended warranties and additional costs such as sales tax. It also explains some of the ins and outs of buying a car, from researching vehicles ahead of time to negotiating to get the best deal.

No rating

So far, this sounds like a great place to get an auto loan. Are you wondering why this lender isn't rated higher - and, in fact, dropped in our rankings since our last evaluation? RoadLoans is owned by Santander Consumer USA Inc., a consumer finance company focused on auto loans with more than 2.5 million customers nationwide. At the time of this review, Santander no longer had a rating from the Better Business Bureau, even though it had been an "A+" in the past.

Nearly 2,000 customer complaints

That's not necessarily a red flag, but we weren't encouraged by the descriptions of several government actions against the company over the years. Add that to the nearly 2,000 consumer complaints registered with the BBB during the last three years, and you'll see why RoadLoans fell towards the bottom of our rankings.

Unexpected redirection

There's obviously something going on with RoadLoans - because clicking on the "Apply Now" button gave us a redirect to Chrysler Capital, saying "We're improving this experience". Evidently, RoadLoans isn't actually funding any auto loans for the indefinite future, leaving you to work with Chrysler Capital. That's fine if you want a Dodge, Jeep, Ram or Chrysler, but there's nothing saying you can get a car loan for any of the other major manufacturers.

Better deals elsewhere

RoadLoans used to be a site we could recommend, but with so many issues - not only with the actual application process but also the slew of customer complaints after the fact - we have to think most car-buyers are going to get a better deal somewhere else.

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Continued from above

Savvy consumers know that the best way to get truly competitive rates on auto loans is by comparison shopping with online lenders. Even if you're just starting the research process, it only takes a few minutes to find out how much you're qualified to borrow and with what loan terms. With that information in hand, perhaps with a preapproval letter too, you'll be much more confident walking into the dealership and negotiating the best possible deal on the car itself.

Some providers of auto loans specialize in helping customers with less-than-perfect credit. These lenders can work with you to get a loan that you can afford, and they take into account your whole financial picture - not just your low credit score, previous late payments, or a bankruptcy in your past. Of course, if your credit history is excellent, shopping around for your auto loan online will likely turn up dozens of offers to choose from.

It's important to carefully consider several criteria when evaluating different online lenders. These factors include the following:

  • Reputation. A seemingly-great auto loan is a bad deal if the lender isn't trustworthy. What does the Better Business Bureau say about the company? Have other car shoppers had a good experience?
  • Functionality. How easy does the auto loan site make the borrowing process, from information-gathering to funding? Can you work through the steps of securing your loan quickly and intuitively?
  • Options. To whom does the lender cater (e.g. people with good/bad credit? New/used car shoppers?)? Do you have a wide range of loans to choose from, both with respect to interest rates and length of the loan period? Are there any perks or penalties in the fine print?

TopConsumerReviews.com has reviewed and ranked the best auto loan providers available today. We hope this information helps you get the right financing for your next vehicle purchase or refinance!

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