Roadloans are a major on-line sub-prime lender who specialise in securing auto loans for people who have or have had credit problems. They have a strong consumer friendly to people who have a record of bad or poor credit, both in terms of auto loans and refinancing car loans as well.
Like a lot of auto credit companies, they are overly welcoming towards people who are deemed to have bad credit, and make a point of welcoming them and assuring them of a friendly and receptive attitude.
This approach which is both a marketing tool, and possibly a genuine way to appeal to people, any potential customer should be under no illusion that like any finance company Roadloans are interested in making money out of their clients, not in any fuzzy sympathy or kindness.
Whilst that may sound when applying for a loan cynical, it is also worth bearing in mind that any decent auto credit company will value customers who they can attract and keep.
Anyone with bad credit is likely to be a valuable source of income for them, short-term and long-term, and it is in the company’s interests to treat them as fairly as possible.
1. Applications / Bad Credit
Roadloans do focus on a number of areas of auto credit, namely new and used car loans, by a car with bad credit, getting a car loan with no credit, car loans after bankruptcy and auto refinancing.
They spell out very clearly that anyone with bad credit is likely to face higher interest charges, and discusses ways that the overall package can be minimised through things like making a sizeable down payment, or encouraging a cosigner with a healthy credit record to participate in the loan agreement.
They also make a distinction between someone with bad credit and someone with no credit history. Many people do not have any credit history either because of their age, or because of their lifestyle which has meant they have had no need to borrow money for a significant period of time.
People with no credit history can be encouraged to build up a healthy credit score in fairly simple steps over a period of time, which can significantly reduce costs but short-term and long-term.
The various options regarding bankruptcy are discussed, as well as its potential effect on someone’s credit history as well as their life and personal situation generally. Bankruptcy can be one of the most major emotional traumas in life, and needs to be managed as sensitively as possible.
2. Roadloans Reviews / BBB
One of the problems when using any type of online finance website is credibility, and one of the main ways of helping towards establishing that are genuine customer reviews. These are very difficult to assess for any company.
People like reviews. They instinctively trust them unless they are obviously over the top. The problem is that genuine reviews can be hard to gauge as to whether they have come from satisfied customers or are effectively written by the company through its agents or PR company.
Bad reviews are much more likely to be genuine, as it is an option people to vent their frustration at what they perceive as bad customer service or poor quality work or advice.
As such getting genuine reviews as a guide towards a company’s credibility can be difficult.
Roadloan reviews on trust pilot tend to run to over 1000, which is probably a good sign, with over 70% rated as excellent and only 6% graded as bad. Potential customers will have to draw their own conclusions.
What can always be gauged from reviews points at the individual had not thought of in terms of potential areas either to do with applying for a loan or managing a loan once has been arranged. These points can highlight areas of concern or guidance needed that can often be significantly beneficial.
Another good source of reviews is the Better Business Bureau, as well as organisations such as Consumer Reports. Bear in mind when applying for a loan what is important to you in terms of size of down payment, interest rates and how to manage the loan once it is finished, including any penalty for paying off the loan early.
Roadloans has access to a wide range of dealerships across the US, and applying online and getting approved online before purchase means that the customer has benefits of pre-approval, in the same way as if they were arranging dealership financing with one of the major companies such as Ford or GM.
The advantage of pre-approval is at the customer knows how much they have to spend and view vehicles priced accordingly. The downside of pre-approval is at the giver ship knows how much the customer has to spend as well, and can price vehicles accordingly or negotiate knowing the customers upside and downside.
A dealership can be located through the readloans.com website, and once located it is a good idea to view the dealers inventory and see what sort of vehicles they have and which ones seem appealing to the individual customer. The more negotiations that can be done over the phone or online before visiting the dealership is always a good idea, as it gives the customer a much greater sense of control over the whole process.
4. Login / Account
Potential customers are invited to apply online for a loan, and in the process generates an account for themselves. If approved this account can be used to manage the loan, in terms of viewing and receiving statements, managing payments and being able to contact customer service.
It is worth bearing in mind that RoadLoans offer six types of payment options, online payments, AutoPay, payment by phone, mail, MoneyGram and Western Union. With most of these payments some type of fee may also be charged, irritatingly referred to as a convenience fee.
Arranging a simple and convenient way to pay monthly instalments is really important, both for peace of mind and because late payments can incur additional interest charges, and late payment charges as well. These can accumulates quite quickly and can increase the pressure on the loan quite considerably.
Many auto credit companies shy away from the issue of refinancing loans, but the option to refinance is a crucial one to many people who have a bad credit or poor credit history. They may need to refinance an original loan because their credit has deteriorated, or something as happened to their financial situation that necessitates a change.
They may will need to lower their monthly payments, or extend the term period of the loan. This can normally only be done through refinancing.
On the other hand, someone who has applied for a loan with bad credit and has done work to repair their credit account may well look at some point to refinance that original loan because they will be able to get a better interest rate, or better terms and conditions.
They may also wish to renegotiate or refinance loan in order to release a cosigner who may have been an original dual applicant.
Refinancing a loan can be a fairly straightforward process in one sense, in that it should be done not in the same way as an application for an original loan
Roadloans Loan Calculators
Loan calculators are encouraged by both lenders and customers, as it seemed to give a very simplistic sense of what a loan is going to cost you. Whilst the figures arrived at using a loan calculator can be accurate, they do not always tell the whole story.
The loan calculator on the roadloans website has a number of different options. It has a car affordable and calculator, and auto loan payoff calculator, an auto loan calculator, and auto refinance calculator and a fuel savings calculator.
Whilst all of these can be helpful, what they do not show charges such as auto insurance, gap insurance, servicing and maintenance costs, dealership fees, late payment charges etc. Any applicant should also be able to do their own budgeting plans in terms of their own individual finances to see how much they can afford to repay on a monthly basis.
This should make allowances for changes in the individual circumstances by way of salary increase or decrease, increased or reduced hours at work or other costs such as tuition fees or increased medical bills.
Whilst no one likes to look at these things, undertaking any loan especially for someone who has a bad credit history, they are an incredibly important part of a realistic assessment as to whether or not someone should be lent money, and if so what terms and conditions.
Roadloans is owned by Santander, and mail should be sent to the following address
Santander Consumer USA Inc P.O. Box 961245 Fort Worth, TX 76161 Attn: SC USA
Applications – 888-276-7202
Customer Service – 888-222-4227