Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.
Friday, February 3rd
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.
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.
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.
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.
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.
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.
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.
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:
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!
Select any 2 Auto Loan Companies to compare them head to head
The Average Used-Car Loan Interest Rate Is Over 12 Percent and You ...
Though, interest rates on new cars tend to be lower than on used cars, because for the lender, a new car offer less risk — when they have to repossess your car because you’ve stopped paying your loan, ...
Mon, 30 Jan 2023