Best Reviews TopConsumerReviews.com Best Auto Loans Best Reviews
Best Reviews
      August 14, 2020

Home  >  Auto Loans  >  Road Loans vs Instant Car Loan

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

Road Loans vs Instant Car Loan

Best Auto Loans

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

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

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
1 star
Instant Car Loan

INSTANT CAR LOAN

Visit Site

BBB Rating:

D-, not accredited

Instant Car Loan promises that you can request a car loan in seconds. In operation for more than 10 years, this auto loan referral service encourages customers of all credit types to apply, having worked with thousands of people who didn't have perfect credit histories.

Not so instant

To see if you qualify for an auto loan through Instant Car Loan, you start by entering your name, zip code and email address. In step two, you'll have to provide your detailed information: SSN, employer name and gross monthly income, and so on. Your application will be shared with up to five partner lenders, and those partners might run a credit report before contacting you. Instant Car Loan isn't so "instant": they don't fund anything themselves, but rather connect you with their network of auto loan providers.

Serious concerns

However, because of some serious concerns we had with this site, you may not feel comfortable going through the whole process of applying for an auto loan. Why? Here's what we found.

Best Auto Loans

D- rating

Would you entrust your finances to a lender whose parent company is called "Internet Brands"? That's who owns Instant Car Loan - along with Cars Direct, Groove Job, and several other businesses. Sure, that in itself might not be so bad, but when you consider that Internet Brands has a "D-" rating from the Better Business Bureau, it becomes obvious that you won't want to give this auto loan provider access to your personal information.

Is anyone there?

We came across one customer comment from over a year ago, asking if anyone is actually managing this business. No one ever responded. Plus, the Instant Car Loan site proudly claims an "A+' rating with the BBB: that is definitely not the case.

Cannot recommend

With all that said, we just don't feel that Instant Car Loan is a trustworthy source of funding for your auto loan. We cannot recommend strongly enough that you work with one of the higher-ranked lenders in our review.

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!

Why You Should Always Line Up a Car Loan Before Going to the Dealership

Arranging financing first can help you avoid overpaying for your car. Here's five reasons why this works so well ...

Published:  Thu, 13 Aug 2020 04:34:00 GMT



Auto loan appetite hard to predict in second half

But as these provisions fade so may consumer demand for auto loans and leases. Auto analysts are split on whether sales in the third or fourth quarter will eclipse activity in the spring and early ...

Published:  Wed, 12 Aug 2020 09:26:00 GMT



Auto loan market faces big tests; U.K.'s big four banks boost market share

Debt outstanding and loan delinquencies were already at or near record levels before the pandemic hit; the trend toward greater oligopoly has competition watchers worried.

Published:  Mon, 10 Aug 2020 04:56:00 GMT



Hertz bankruptcy: Rental car company asks for a loan as it tries to restructure

The Hertz bankruptcy ordeal continues, and while the rental car company continues to offload used cars at some dirt-cheap prices, it still needs other sources of cash in the meantime. According to a ...

Published:  Tue, 11 Aug 2020 10:50:00 GMT



Ways to get a car finance after Repossession in 6 Steps

Ways to get a car finance after Repossession in 6 Steps Coming into grasp having a bad credit rating is one of many significant reasons of vehicle repossession and can make getting an auto loan hard, ...

Published:  Tue, 04 Aug 2020 20:19:00 GMT



Airport Car Rental Collapse Forces Hertz to Seek Bankruptcy Loan

Airport car rental volumes were nearly wiped out during Hertz's (NYSE:HTZ) second quarter, forcing the rental giant to seek debtor-in-possession financing to survive. Global revenue tumbled 67% to ...

Published:  Tue, 11 Aug 2020 12:19:00 GMT



Auto loan scam results in pyramid scheme pleas

Two men involved in a years-long, multi-state fraud case are now convicted, but they are avoiding jail and even restitution.

Published:  Mon, 10 Aug 2020 14:54:00 GMT



One woman weathers a career change and upside-down car loan to pay off $133,000 in debt

One-third of adults age 30 or younger have student loan debt, with the median burden hovering at $17,000. Amanda Williams is the founder and owner of Debt Free in Sunny CA, where she helps guide ...

Published:  Thu, 06 Aug 2020 01:06:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure