RoadLoans is a direct lender with an easy online application process. This is actually quite a rarity these days, since many auto lenders are matching services that pair your application with external lenders. RoadLoans, however, is in control of your loan from start to finish.
Another advantage that comes along with choosing RoadLoans as your auto lender?
They specialize in working with borrowers who have credit that is less than perfect. That means you don’t have to automatically assume you won’t qualify for a car loan. Give yourself a chance, because RoadLoans probably will, too.
Car Loan Application Requirements
People with all types of credit can apply for an auto loan with RoadLoans. In fact, you could even get approved with RoadLoans if you’ve had a bankruptcy in the recent past or have no credit history.
Here are some tips to strengthen your application if you’re in one of these situations:
- Save up for a down payment
- Trade in another vehicle
- Use a co-signer on your loan
Depending on your credit score, you may also need to meet certain monthly income requirements.
Currently, loans from RoadLoans are available in all states except Alaska, Hawaii, New Hampshire, Mississippi, and Nevada. If you live in one of those states, unfortunately, you can’t apply for a car loan with this lender.
Types of Auto Loans Available
Whether you’re looking to buy a car or refinance an existing car loan, there are options available with RoadLoans. Here’s what you can expect to find when applying online with this lender.
New and Used Car Loans
RoadLoans offers loans for both new and used car purchases. You can often shop and apply on the same day. Plus, they partner with dealerships across the country to connect financing and buying into a more seamless process.
Here’s how it works for a car loan with RoadLoans.
Once you fill out your application and get approved, you can go directly to a partner dealership and begin shopping for a car. RoadLoans provides you with an email outlining instructions plus your loan documents. Read this information carefully so that you fully understand your loan terms as well as any vehicle guidelines you need to adhere to.
RoadLoans also provides you with a list of recommended dealers in your area. They’re already vetted so that you can find inventory meeting RoadLoans’ age and mileage standards. These dealers are also familiar with the RoadLoans financing process, which can make everything go more smoothly.
No matter where you shop, bringing your approval to the dealership can help you avoid walking into a high-pressure sales situation. You know your budget, which prevents you from spontaneously adding on extra products or features that can quickly inflate the sales price of your vehicle.
Refinancing your car loan with RoadLoans could potentially save you money on your monthly payments. There are two different refinance options to choose from.
Cash Back Refinance
The first is a cash back refinance. If you have equity in your car, meaning it’s worth more money than what you owe on it, you could take out a loan on the car that gives you a lump sum of cash in your pocket. You could use the money for paying off high-interest debt or any other purpose you see fit.
There are, however, a few states that don’t allow this kind of loan. If you live in one of the following locations, you’re not eligible for RoadLoans’ cash back refinance:
- Washington, D.C.
- North Carolina
- North Dakota
- New Hampshire
- New Jersey
- New Mexico
Traditional Auto Refinance
Another way to refinance an existing car loan is to change your rate and/or loan terms with RoadLoans. If you qualify for a lower APR than what you currently have, you could not only end up saving on your monthly payments, you could also save on interest over the course of the entire loan.
You could also refinance to simply extend the length of your repayment term. While this might cost more in the long run because you’ll be paying interest for a longer period, you could help lighten the load of your monthly payments. Just be sure to consider the pros and cons to determine the best choice for yourself.
Fees and Rates
There’s no application fee when you apply for a car loan with RoadLoans. They also advertise no hidden fees and no early payoff charges.
What should you expect as far as rates go?
That depends on your credit history. While RoadLoans caters to borrowers with bad credit or no credit, you’ll definitely have to pay higher interest rates if you fall into either category. RoadLoans encourages borrowers to compare rates to find the best deal; however, they also advertise having competitive rates.
Since they regularly work with bad credit borrowers, you may get approved at RoadLoans but not with another lender. Do your homework and also give yourself an auto loan budget to make sure you’re taking on a financial burden that’s too heavy.
RoadLoan’s Application Process
RoadLoans offers a fast application process, only taking a few minutes of your time. You could likely receive a decision within seconds, although they do state it could take as long as 24 to 48 hours.
While RoadLoans is a direct lender, you could still receive multiple offers so that you can compare different options for structuring your auto loan. For example, you might see different repayment terms or down payment amounts. That way, you can compare how these variables impact both your monthly payment amount and the total cost of the car loan.
Another perk of applying with RoadLoans?
The approval is good for 30 days so you can take your time shopping for a car without having to worry about your loan offer expiring.
RoadLoans offers a few unique features that borrowers can benefit from, especially for refinance customers. One is that you may end up skipping your first car payment depending on the last payment date of your existing car loan. Interest still continues to accrue, but you could get a temporary respite from car payments during this period.
The cash back refinance loan is also an interesting option for car owners who want to leverage their vehicle’s value in order to get cash. It’s a relatively uncommon product in the marketplace, so if it’s something you’re interested in, RoadLoans is a great lender to consider.
No matter what kind of credit history you have, RoadLoans offers accessible options for getting an auto loan. Plus, with 14,000 preferred dealerships across the country, it makes actually finding a car that fits the loan requirements much easier.
The application process and approval process are both fast, but there’s also flexibility in giving you ample time to shop for your vehicle.