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Road Loans Review

Friday, March 5th

2021 Auto Loan Company Reviews

Road Loans Review 1.5 Star Rating

Road Loans

1.5 Star Rating
  • 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.

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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Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.
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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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