Best Reviews TopConsumerReviews.com Best Auto Loans Best Reviews
Best Reviews
      November 29, 2020

Home  >  Auto Loans  >  OneMain Financial vs Road Loans

Best

Auto Loans

  1. Credible
  2. LendingTree
  3. My Auto Loan
  4. Auto Credit Express
  5. CARCHEX
  6. OneMain Financial
  7. LendingClub
  8. Road Loans
  9. Instant Car Loan

Your Information Is Secure
Worry Free Car Care Manual Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Auto Loans

Babysitters

Christmas Cards

Credit Counseling

DUI Lawyers

Fruit Clubs

Home Brew Beer Supplies

Homeschool Supplies

Music Publishing

Senior Care

 

Individual Reviews

Upstart

Credible

LendingTree

My Auto Loan

Auto Credit Express

CARCHEX

OneMain Financial

LendingClub

Road Loans

Instant Car Loan

 

Related Articles

Are Auto Loans Through A Car Dealer A Good Idea?

Auto Loans Versus Auto Leases

How Much Car Can You Afford?

How Your Auto Loan Can Be Affected By Your Credit Rating

What To Look For When Shopping For An Auto Loan

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

OneMain Financial vs Road Loans

Best Auto Loans

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

To see ALL of our reviews for the Best Auto Loans, please Click Here

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.

Continue reading below reviews

Best Reviews

2020

Auto Loan Reviews

3 stars
OneMain Financial

ONEMAIN FINANCIAL

Visit Site

BBB Rating:

A+, accredited since 1985

OneMain Financial is a lender with a very long history - more than 100 years! They have in-person branches in 1,500+ locations throughout the country offering personalized service.

Loans from $1,500 to $20,000

When it comes to financing, this company provides personal loans that can be used for whatever purpose you choose - including the purchase of a vehicle. Their loan amounts range from $1,500 to $20,000, so you might be out of luck if you're hoping for a brand-new Porsche or Tesla and need an auto loan to do it.

No risk

It's easy to see if you qualify to borrow money from OneMain. Start by entering the desired loan amount and click on "Check For Offers". On the next page, you'll fill out the usual details: name, contact information and address, last four digits of your SSN (to verify your identity), monthly net income and source, and if you currently own a vehicle. Checking for a pre-qualified offer won't affect your credit score, so there's no risk to seeing what OneMain has available for your auto loan.

Less convenient

Although we didn't find this information stated explicitly in the site's fine print, OneMain only provides auto loans in 44 states (according to the Better Business Bureau). Unfortunately, that may mean it's trial-and-error for you to determine if you live in one of the 6 states that isn't served by this company. You also have to go to a OneMain branch in person, if you decide to accept their loan offer. That makes this service a lot less convenient when compared with online-only auto loan providers.

Best Auto Loans

Where do you live?

Where you live may also impact the size of the auto loan you qualify for. You've got minimum loan sizes ranging from $2,100 to $3,100 in Alabama, California, Georgia, Ohio and Virginia. On the other end of the spectrum, unsecured loans have limits ranging from $7,500 to $14,000 in Florida, Iowa, Maine, Mississippi, North Carolina, New York, Texas and West Virginia.

Collateral needed for large loans

For the largest loans, you'll be required to provide collateral to secure them. OneMain will put a first lien on a car you already own: it has to be no more than 10 years old, meet certain value requirements, be titled in your name and have valid insurance. That could be a problem if the whole reason you need an auto loan is to get a car, let alone a second car. But, we appreciate that this lender is upfront with that kind of information: many of their rivals also have requirements and limits, but you'll have a hard time finding them until you're well into the application process.

Pay attention to your loan details

Speaking of disclosure, OneMain Financial charges origination fees that also depend on where you live. Expect to pay a flat fee ranging from $25 to $400, or a percentage of your total loan ranging from 1% to 10%. You'll find your specific fees on the Loan Agreement and Disclosure Statement. While your auto loan terms will vary, OneMain publishes that their APR typically ranges from 18.00% to 35.99%, with term lengths of 24, 36, 48 or 60 months. Those interest rates are really high, compared with some of the other companies in our review - if your credit history is good. Just be sure to read your disclosure statement very carefully, and don't be afraid to shop around to get a lower rate.

Customer complaints

As a big corporation with a history spanning a century, OneMain can be expected to have its fair share of customer complaints. We were a little surprised to see more than 700 on the BBB site alone, as well as over 1,300 customer reviews that were mostly negative. On the other hand, OneMain Financial has an "A+" rating and accreditation from the BBB, and you can read for yourself the responses to those complaints from company reps. That's a good sign when negative comments receive a prompt, professional reply, and it shows OneMain's commitment to their customers.

Thousands of 5-star ratings

You'll see that commitment and customer satisfaction reflected in reviews beyond the BBB site. We found more than 20,000 5-star ratings for OneMain from clients who praised this lender for being fast, fair, and easy to work with, particularly giving kudos to the people working in the branches where the auto loans are finalized.

Strong reputation

OneMain Financial has some things going for them with respect to auto loans. Their reputation is strong, they've been in business for a long time, and they go to great lengths to be transparent with the fees and interest rates borrows can expect. On the other hand, you may have more limits - geographic and financial - when trying to borrow money for your car here, and their interest rates aren't what we would call "competitive". If you get an initial auto loan quote from OneMain, we suggest making some comparisons with other options before signing on the dotted line at your local branch.

Visit Site
1.5 stars
Road Loans

ROAD LOANS

Visit Site

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.

Best Auto Loans

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.

Visit Site

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!

Best Emergency Loans for Bad Credit

When you're hit with an unexpected emergency, a personal loan can be a saving grace. Find out about the best loans for emergencies.

Published:  Sun, 29 Nov 2020 06:19:00 GMT



Auto loan debt jumps in third quarter, N.Y. Fed says

Auto loan debt edged up in the third quarter, driven by record-high loan originations, according to the Federal Reserve Bank of New York's quarterly report on household debt. Total household debt grew ...

Published:  Wed, 25 Nov 2020 05:25:00 GMT



GM Reportedly Plans To Seek Banking Charter To Grow Auto-finance Business

(RTTNews) - General Motors Co (GM) is preparing plans to apply for a banking charter that would allow its lending unit to accept deposits and expand its auto-finance business, the Wall Street Journal ...

Published:  Fri, 27 Nov 2020 21:50:00 GMT



Surging Demand for Branded Cars Supports Global Car Financing Market

A new study by Report Ocean states that the global car finance market is likely to register a high rise in the ...

Published:  Wed, 25 Nov 2020 18:09:00 GMT



Can you get a Black Friday car deal?

Can you really get a deal on a car on Black Friday? Toaster ovens and TVs are fine and dandy, but maybe you're thinking bigger this Black Friday - Black Friday car deals typically offer discounts off ...

Published:  Fri, 27 Nov 2020 12:57:00 GMT



Fewer Black Friday car deals in dealer lots this year

Factory shutdowns during pandemic mean fewer 2021 models on dealer lots this year as there were 2020s this time last year.

Published:  Thu, 26 Nov 2020 14:24:35 GMT



EU plans tight car CO2 limits under green finance rules

Car manufacturers will need to meet tight emissions limits for their activities to be classed as a sustainable investment under proposed European Union rules, which the auto industry said could ...

Published:  Fri, 20 Nov 2020 09:50:00 GMT



Feds: Employee of Middletown used car dealership admits role in loan fraud scheme

According to court documents and statements made in court, Williams worked as a salesman and de facto general manager at a used car dealership located at 1075 Newfield St. in Middletown, known ...

Published:  Fri, 20 Nov 2020 09:31:00 GMT



Auto Show Sales & Finance Recognized by Consumer Choice Award for Second Year in a Row

For more than three decades, the Consumer Choice Awards have been honoring leading Canadian businesses that demonstrate excellency through tangible co ...

Published:  Tue, 24 Nov 2020 09:00:00 GMT



Catamaran Bio Launches with $42 Million Financing to Develop Off"'the"'Shelf CAR-NK Cell Therapies to Treat Solid Tumors

Catamaran Bio, Inc., a biotechnology company developing allogeneic CAR-NK cell therapies to treat cancer, today announced that the company has launched with $42 million in financing. Sofinnova ...

Published:  Mon, 23 Nov 2020 04:01:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure