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|Range of loan options||Limited to dealer network|
|Considers people of all credit types||Not available in all states|
|Ability to shop like a cash buyer||Restrictions on vehicle age and mileage|
What you need to know about RoadLoans auto loans
RoadLoans is the online direct lending division of Santander Consumer USA. If you’re considering applying for a RoadLoans auto loan, here are some things to know.
Variety of loans options
RoadLoans offers the following finance options:
- New car loans
- Used car loans
- Refinancing — cash-back (in select states) and traditional auto refinance
Considers all credit types
RoadLoans considers people with less-than-perfect credit, including those who have filed for bankruptcy in the past. On its website, RoadLoans notes that making a down payment — with cash or through a trade-in — can help your odds of approval.
And RoadLoans allows co-applicants, which could help you get a higher loan amount and better interest rate.
RoadLoans only works with certain dealers
RoadLoans auto financing can only be used within its dealer network. And though RoadLoans works with more than 14,000 dealers nationwide, your shopping options may be limited based on where you live.
Ability to shop like a cash buyer
You can apply for preapproval right on the RoadLoans website. If you’re preapproved, you might get multiple loan offers featuring the loan terms and the annual percentage rate you’re conditionally approved for, along with recommended dealerships within the lender’s network. These offers are good for 30 days.
If you choose an offer and are formally approved, you can take your loan documents to the dealership and shop like a cash buyer.
A closer look at RoadLoans auto loans
Here are a few more things to consider about RoadLoans.
- RoadLoans doesn’t offer loans to residents of Alaska, Hawaii, New Hampshire, Mississippi or Nevada.
- You must be 18 year or older to apply.
- Loan amounts range from $5,000 (in most states) to up to $75,000.
- RoadLoans doesn’t charge a loan application fee.
- Financed vehicles must have fewer than 120,000 miles and be no more than 9 years old. For refinance, the vehicle must be no more than 7 years old and have fewer than 105,000 miles. Any financed vehicles must have a clean and clear title.
- You can’t refinance a car loan if it’s currently with Santander Consumer USA or Chrysler Capital.
Is a RoadLoans auto loan the right fit for you?
RoadLoans could be a good option for someone who’s shopping around for a car loan and wants the ability to apply for preapproval and — if peapproved — see the loan rate and terms they likely qualify for.
Since RoadLoans considers people with a range of credit histories, it might also be ideal if your credit needs significant work and you want to buy a car or refinance your existing loan to lower your monthly payment or interest rate. Keep in mind that if your refinance loan has a longer term, you might reduce your car payment, but you’ll likely pay more in interest over the course of the loan.
How to apply for a loan from RoadLoans
The first step in the application process is applying for preapproval on the RoadLoans website. Here’s how.
- Click “Apply Now” on RoadLoans.com or any of the loan information pages to access the online application.
- Enter your personal information, including your email, name, address, birthdate, annual income and Social Security number.
- Choose whether you want to apply individually or with a co-applicant.
You should receive a decision on preapproval in just a few seconds.
If preapproved, your loan offers and paperwork will be sent to you via email. When you’re ready to shop, bring your loan paperwork to a dealer within the RoadLoans network to select a car and finalize your application.
Auto loan alternatives to consider
If you aren’t sure if a RoadLoans auto loan is right for you, here are some other lenders to consider.
- Autopayauto loan: Autopay may be good for someone who wants a range of refinancing options.
- New Roads auto loan: New Roads could be ideal if you want the ability to shop with a dealer of your choice.