Are these Car Loans for People with Bad Credit Legit? Everything You Need to Know about RoadLoans
Buying a car is something most Americans do at some point in life. For many, it’s a necessity for getting to work, school, shopping, and anywhere else. But for people without a good credit history, they wonder how to get a car with bad credit.
About 51% of those that use credit have “subprime” credit scores and nearly 1 in 5 people have no credit history at all (ProsperityNow). RoadLoans is an answer for people with low credit scores because they offer car loans for people with bad credit.
Car Loans for People with Bad Credit
But, is RoadLoans legit? Or are you going to pay a premium for that loan?
If you’ve ever had a dip in your credit score and needed a car loan or insurance, you know that you’ll typically pay a higher rate. However, some of those “higher” rates can be exorbitant. We’ll tell you whether or not you can trust this lender in AdvisoryHQ News RoadLoans review.
You’ll also find out how RoadLoans works and where to find RoadLoans dealers to purchase a car from. And of course, we’ll find out if buyers love or hate the service and what they say about it in their RoadLoans reviews.
So, if you’re in the market for a car loan and have less than stellar credit, you‘ll want to read on!
AdvisoryHQ RoadLoans Review | About the Company
RoadLoans is a division of Santander Consumer USA, a direct-to-consumer lender based in Dallas, TX. They were started in 2000 originally under the Ford Motor Credit Co. before being sold.
They specialize in car loans for people with bad credit and offer both new loans and auto loan refinancing. The parent company is listed on the New York Stock Exchange (NYSE: SC) and has over 2.5 million customers.
Santander Consumer USA has a B+ rating at the Better Business Bureau with some court actions, both resolved, dealing with repossession practices and monitoring issues.
How Does RoadLoans Work?
One of the main questions that people looking through RoadLoans refinance reviews ask is, “How does RoadLoans Work?”. Honestly, it works much like any other lending website, they just cater to lower credit scores.
If you’re approved for credit at RoadLoans dealers, you want to make sure to buy your car within a month because approvals are valid for 30 days only.
RoadLoans Review | How to Apply for a Loan
- Fill out a secure application online at their website or through their mobile app.
- The approval process can take 24-48 hours.
- If approved, you can download your loan approval package to take dealerships that accept RoadLoans (more on that coming up).
- Start car shopping with your pre-approved loan amount already in hand.
Which Dealerships Accept RoadLoans?
Nothing’s worse for a car buyer than jumping through all the hoops to get a loan approved, locating their dream car, then finding out the place they found it is not a RoadLoans dealer.
If you’re using a place that gives car loans for people with bad credit, you’ll find that not every car dealer accepts their loans.
So how do you know where to find the dealerships that accept RoadLoans?
RoadLoans has a handy RoadLoans Dealers Finder on their website to locate places that will accept their loan approval. To give you an example, we did a RoadLoans review of a Denver, CO postal code and found 11 dealerships that accept RoadLoans listed.
RoadLoans dealers also include:
Which States Can’t Use RoadLoans?
If you’re looking through RoadLoans reviews to see if you may want to use them, it’s important to know which states they don’t serve. If you’re a resident of Alaska, Hawaii, New Hampshire, Mississippi, or Nevada, you can’t get a RoadLoans loan.
Popular Article: Guide on How to Build Credit Fast & Easy
RoadLoans Reviews | What do Borrowers Say about this Lender?
Most borrowers give decent ratings to the company in their RoadLoans reviews and don’t think the interest rates are too high or the process too difficult. So, if you’re wondering how to get a car loan with bad credit, an easy process is good news.
We’ll dive into the individual RoadLoans refinance reviews in a moment, but let’s take a look at the overall ratings on RoadLoans review websites first.
- Better Business Bureau – 3 out of 5 stars
- ConsumerAffairs – 4 out of 5 stars
- LendingTree – 3.7 out of 5 stars
- Trustpilot – 4 out of 5 stars
Now, we’ll see what individual RoadLoans reviewers on those sites thought about this lender and how they’d answer the question, “Is RoadLoans legit?”. We’ll start with the negative RoadLoans reviews and then go over the positive ones.
RoadLoans Review | Negative
- A couple of unhappy RoadLoans reviews mentioned thinking they were all set to buy a used car, then having things change due to the book value being estimated less than the selling price, meaning they would have to come out of pocket for the difference.
- In a RoadLoans review at ConsumerAffairs, a borrower working with CarMax said the buying process took longer than they thought, about 4 weeks rather than the few hours they were expecting.
- Pulling a hard credit inquiry without consent was a complaint repeated in more than one RoadLoans review.
RoadLoans Review | Positive
- Multiple RoadLoans refinance reviews noted how easy the process was, that they received approval fast, and the car buying part went smoothly.
- A happy borrower said their customer support was amazing and that if you’re wondering how to get a car loan with bad credit, you may just find a good deal through RoadLoans that you didn’t know you could qualify for.
- In a positive Trustpilot RoadLoans review, the reviewer was thankful to get a second chance and found the process very convenient and said the approval process was fast.
Read More: Student Loans for Bad Credit | Guide
AdvisoryHQ’s RoadLoans Review Conclusion
How to Get a Car Loan With Bad Credit
If you’re wondering, “Is RoadLoans legit?” the answer is, “Yes.” The company does have a good reputation, even though they’ve had to settle a couple of court cases.
Overwhelmingly, when asked, “How does RoadLoans work?” people say it works great. They also give praise for excellent and fast customer service in their RoadLoans reviews.
The amount you can expect to pay in interest on car loans for people with bad credit can vary greatly according to your credit rating. We did find two data points in our RoadLoans review of rates, which include the lowest rate of 1.99% APR and one reviewer that mentioned a rate of 17.4%.
You will need to make sure that dealerships accept RoadLoans loans before you go shopping for a new or used car. You also want to be careful with used cars to make sure the price isn’t a lot higher than the Blue Book rate.
In our opinion, RoadLoans is a legitimate and trustworthy option that allows people with no credit or bad credit to get a car loan.
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