RoadLoans is an online auto lender that specializes in financing and servicing auto loans as well as providing auto refinance options. The Dallas-based company was founded in 2000 by Triad Financial Corp., which is owned by the Ford Motor Credit Co. In 2009, RoadLoans was purchased by Santander Consumer Holding Inc, as its direct-to-consumer lender. Santander Consumer is a subsidiary of Banco Santander, an international bank that conducts its operations in 52 countries.
RoadLoans offers competitive rates on both car loans and auto refinance loans. Auto loans from RoadLoans are fixed rate loans, meaning that the interest rate does not fluctuate despite prevailing interest rate. For 16 years now, RoadLoans has created a positive reputation as an auto finance lender that finances and services consumers with all types of credit including less than perfect credit.
Loan Application Process
Completing the RoadLoans application form takes a few minutes, and after application, you will receive a loan decision form via email. The company takes one to two days to approve your loan application. After this, you will receive a loan approval time of 30 days, giving you enough time to find the car you want. The loan amount will depend on your financial obligations, credit history, and financial obligations.
States That Can Receive Auto Financing From RoadLoans
RoadLoans provides auto financing in select states across the United States. Currently, the company does not provide loans to residents of New Hampshire, Nevada, Alaska, Mississippi and Hawaii.
Services Offered By RoadLoans
1) New or Used Car Loans – RoadLoans provides financing for pre-owned and new vehicles listed in the loan package. The vehicles should have a model year of 2006 or newer with not more than 90,000 miles. It should not be a customized, conversion or commercial vehicle.
2) Private Party Car Loan – a private party car loan, also known as a person to person loan is a loan in which a financial institution allows the borrower to buy a vehicle from an individual seller. Because you are purchasing from a private party, getting a loan from an institution becomes very complicated. However, RoadLoans makes the process easier for you as they work with the third party to help with the paperwork for lien perfection. RoadLoans allows for vehicles that are not more than 12 years old and have less than 100,000 miles.
3) Auto Refinance Loan – auto refinancing lets you pay off your current car loan and replace it with a more affordable car loan. RoadLoans provides an array of auto refinancing options that can reduce your existing payment. The company accepts auto refinance applications from clients with all sorts of credit, even when experiencing credit counseling, bankruptcy or repossession. Refinancing with RoadLoans can help you:
- Reduce your monthly auto payments
- Reduce your annual percentage rate
4) Cash Back Auto Refinancing – RoadLoans offers cash back refinance that provides you with better auto loan terms than existing ones. Cash back auto refinancing with RoadLoans enables you to tap into the value of your financed vehicle to get back some cash. This service allows you to reduce the monthly interest rate, have fewer monthly payments to manage and get extra cash for other expenses.
Why Choose RoadLoans?
- Get Loan Approval Before You Shop – RoadLoans gives you the opportunity to shop for your next car with the loan approval in hand. Pre-approval means that your auto financing is already sorted out before stepping into a dealership.
- Bad Credit? No Problem – RoadLoans accepts applications from clients with all types of credits. The company specializes in financing car loans for applicants with bad credits and has helped similar clients purchase the cars they want and refinance the ones they already own.
- No Obligations During Loan Application – There are no application fees when applying for a car loan at RoadLoans. After the application is approved, you simply need to download the loan documents online and return the signed documents to RoadLoans.