RoadLoans.com is an online service operated by the Santander Group that provides auto loans for used and new cars and allows you to use those loans to buy cars from dealers and private sellers. In addition to auto loans, you can also get auto refinancing through RoadLoans. Chase and Alliant also offer auto loan refinancing. There is also a mobile app that helps you keep track of your loan’s progress from anywhere.
If you have bad credit, RoadLoans offers car loans to you as well, but know that your interest rates will be high. If you make payments on time and your credit improves, you may be eligible to refinance your loan later.
RoadLoans' website includes tools to help you find cars. You can search for local dealers and compare the costs of different makes and models. With a car loan from RoadLoans, you can purchase a vehicle from franchised and independent dealers. Franchised dealers are those licensed to sell cars from a particular manufacturer. You can also purchase a car from a private seller, though you have to go through a different application process.
There are a few restrictions on what car you can get with your RoadLoans auto loan. You can only purchase a car with 120,000 miles or less, and the car cannot be more than nine years old. These are some of least stringent restrictions out of all the services we reviewed.
You can apply for a loan through the RoadLoans website, and the only other documents you need to provide are your driver's license and proof of insurance. All online loan services require your Social Security number (SSN) with the application, and RoadLoans is no exception. As part of the application, it makes an inquiry about your payment history.
After you've applied, you can usually be pre-approved for funding that same day, often within a few hours. You don't sign the rest of your documents online; instead, you print them off and take them to the dealer or seller you plan on buying from. RoadLoans requires you to make at least $1,800 a month to be eligible for a loan.
After your loan is funded and you begin paying it back, you can set up automatic payments through the RoadLoans site. This is important not just because it is convenient but also because it can prevent you from missing payments, which can adversely affect your credit score.
RoadLoans stands out in terms of its loan versatility and customer support. You can apply for loans online and repay through Santander's online customer portal. The loans are flexible and can be used at all types of dealerships as well as with private sellers. You can also choose to get pre-approved before you begin car shopping. RoadLoans also has excellent customer service and useful resources about auto lending.