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RoadLoans.com Auto Loans Review
RoadLoans.com at a glance
|Terms||Up to 72 months|
|Best for||Borrowers with bad credit|
|Not for||Borrowers who want the best APR and direct lending solutions|
What we like about it
RoadLoans.com is a direct lender with a network of 14,000 dealerships nationwide, so there’s a good chance you will have solid options when you finance a new or used vehicle. RoadLoans also offers auto loan refinancing, including cashback refinancing in the states where it is available. The online preapproval process is quick and simple, and you’ll get several auto loan rate quotes that are good for 30 days, along with recommended local dealerships. This company works with individuals who have bad credit, or a score of 600 or under, including customers who have filed for bankruptcy.
Things to consider
Until you apply on the website for preapproval, you won’t know what APRs and terms are available to you, which can make it hard to comparison shop. Because RoadLoans works with people who have bad credit, some of its auto loan rates are punitively high. A recent spike in negative Santander Bank ratings could be related to stress over job losses in early 2020; several people note that Santander has little sympathy for extenuating circumstances like the coronavirus pandemic. There are some restrictions on used RoadLoans car loans involving vehicle age and mileage, which can put a damper on your vehicle selection.
What you need to know
To get a RoadLoans auto loan, you need to be at least 18 years of age. You can get a new auto loan, a used auto loan or an auto loan refinance (both cash out and to lower your rate) with no application fee. You don’t have to have good credit, but if you have bad credit, you won’t receive the best auto loans rates. In fact, according to complaints on the Consumer Affairs website, your rate could exceed 26% APR. RoadLoans explains that putting money down and allowing someone to co-sign your loan can improve your chance of being accepted.
Some restrictions do apply:
- RoadLoans doesn’t currently offer loans to residents of Alaska, Hawaii, New Hampshire, Mississippi and Nevada.
- You can only get a loan to purchase a vehicle at one of the dealerships in its network.
- Residents of the following states aren’t eligible for cash back auto loan refinancing: Arkansas, Alaska, Connecticut, Hawaii, Kansas, Kentucky, Massachusetts, Missouri, North Carolina, North Dakota, Nevada, New Hampshire, New Jersey, New Mexico, Nebraska, Pennsylvania, Virginia and the District of Columbia.
- Financed vehicles must be less than nine years old and have fewer than 120,000 miles on them. For auto refinances, the vehicle has to be less than seven years old and have under 105,000 miles.
- If your car loan is currently with Santander Consumer USA or Chrysler Capital, you can’t refinance it.
To get a loan with RoadLoans, you follow this simple process:
- Fill out the preapproval application on its website.
- Select an offer from ones you receive (if your loan is preapproved) and download the voucher.
- Take the voucher to one of the RoadLoans network dealerships and shop like a cash buyer.
[Read more: How to Pay off Your Car Loan Early]
Collateral and criteria
Applicants with bad credit are eligible to apply for a loan through RoadLoans, though it may help if they have a down payment or get someone to co-sign the loan with them. Auto loans from RoadLoans.com are secured loans; the vehicle is collateral on the loan, and if you cease making monthly payments, your vehicle may be repossessed.
Santander Bank auto loans
RoadLoans is the direct lending arm of Santander Bank. That means Santander Bank uses RoadLoans.com to originate auto loans, which will then be serviced by the bank. It may help to think of RoadLoans.com as an auto loan broker who will assess your creditworthiness, provide you with rate quotes and provide you with local dealerships in its network. After the loan is processed, though, you will be making monthly payments to Santander Bank.
Santander Bank’s RoadLoans vs. Carvana
Unlike RoadLoans, which offers new and used auto loans, Carvana deals only with used cars, offering people a convenient one-stop shopping experience. Its website displays a wide array of used cars available for purchase, and you can view financing options for the vehicle that interests you after a soft credit pull. Rates vary from 4.43% and 17.42% APR, depending on creditworthiness. In some urban areas, the company will deliver the vehicle to your door free of charge.
If you hate haggling at the dealership, Carvana is a better option for those in the market for a used vehicle. Read our full Carvana auto loans review.
Editor’s Note: Due to the nature of RoadLoans’ auto loan offerings, we are unable to gather the necessary data to calculate a comprehensive SimpleScore, so it has been omitted from our scoring system.
We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Contact us at firstname.lastname@example.org with comments or questions.