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| About Road Loans |
| Q: |
Who is RoadLoans? |
| A: |
RoadLoans is the Internet direct-lending division of
Triad Financial Corporation, a nationwide lender providing innovative auto
finance products and distinctive Customer Care to consumers.
We specialize in financing and servicing new and used vehicle loans for consumers
with less than perfect credit.
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| Q: |
In which states is auto financing
available? |
| A: |
RoadLoans offers auto financing in most states.
We currently cannot offer loans to residents of Alaska, Hawaii, Louisiana and Tennessee. Click here for a map of states. |
| Q: |
Do you offer refinancing? |
| A: |
Yes. At RoadLoans, we give you the opportunity
to lower the payments on your current auto loan. Click
here to apply. |
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Do
you offer leasing? Who does?
No
we do not, but leasing may offer a great alternative to financing
your next car or truck. LEASEbanc provides you with an information-rich
and stress-free environment in which you can make an informed
decision. Their Web site
http://www.leasebanc.com features a lot of useful information,
sample quotes and an easy online application. |
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| Q: |
Can I buy a car from a private individual? |
| A: |
RoadLoans now has loan programs to finance
cars bought from individuals. Certain terms and restrictions apply
so contact us today to find out all the details at 888-276-7202.
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| Q: |
Do you finance RV's or travel trailers?
Who does? |
| A: |
We do not offer financing for recreational
vehicles (RV's) or travel trailers. You can check out the Web site
http://www.rvfinancing.com
for RV Financing. |
| Q: |
Do you finance motorcycles? Who does? |
| A: |
We do not finance motorcycles. Capital One Auto Finance
is a leader in online motorcycle financing. Check out their Web
site http://www.capitaloneautofinance.com,
you can find more useful information and apply online. |
| Q: |
Do you finance boats? |
| A: |
We do not offer financing for boats or other
personal watercraft. |
| Q: |
Do you offer personal loans? |
| A: |
We do not offer personal loans. |
| Q: |
Will I get a discount on my auto loan if
I am already a Triad / RoadLoans customer? |
| A: |
No. Because we already offer some of the lowest
rates for auto financing, we are unable to offer further discounts.
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| Q: |
You say my application is secure. What
does that mean? |
| A: |
It means that the information you submit in
your credit application is protected and encrypted along the way.
See our
Security Statement for more information. For those interested:
SSL 3.0, RC4 with 128 bit encryption (High); RSA with 1024 bit
exchange. Certificate issued by the Secure Server Certification
Authority / VeriSign. |
| Q: |
How should I apply? |
| A: |
Apply online using
our secure application. |
| Q: |
When should I apply? |
| A: |
You should submit your application to RoadLoans
when you are ready to buy a car. You will receive our loan decision
by e-mail. An approval is good for 30 days, so you have plenty
of time to shop if necessary. |
| Q: |
Do I have to apply online? |
| A: |
Yes, we currently are unable to accept applications
over the phone, by mail, fax or other means. |
| Q: |
How much should I apply for? |
| A: |
We suggest that you apply for an amount greater
than what you think you'll need in order to give yourself some
flexibility. Remember that your actual loan amount will be the
amount you fill in on your check. This can include the sale price
of your vehicle, any taxes, licensing, registration, credit insurance,
extended warranty/service contracts, and any other fees less the
value of your trade in and/or down payment. If you apply for a
loan greater than what you qualify for, we will let you know. You
may then decide whether to proceed with the loan. |
| Q: |
Can I have a co-borrower on the loan? |
| A: |
Yes, we may be able to add an additional borrower
to the loan. |
| Q: |
Who will see my application? |
| A: |
Your application will only be reviewed by those
parties involved in helping you fund your loan, including the lender
processing your loan. For more information, please review our
privacy policy. |
| Q: |
Are there any hidden fees? |
| A: |
No, there are no fees to apply or to fund the
loan. |
| Q: |
Do you require a down payment? |
| A: |
No, we do not require a down payment. |
| Q: |
How soon will I know if my application
is approved? |
| A: |
After submitting your application, you will
get a response within 24 hours, often within an hour. |
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| Concerning
my credit - bad credit, bankruptcy |
| Q: |
What if I have bad credit or
a bankruptcy? |
| A: |
RoadLoans and it's lending partners offer a
range of products to meet the needs of customers with strong credit
histories as well as those with limited credit experience or credit
problems. If you have less than perfect credit, we will attempt
to find a lender who can help you. In order to give you specific
information, we need to review a completed credit application.
Please go to the application page and
submit a loan application. You will receive your decision by e-mail.
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| Concerning
the loan - type, term, interest rate |
| Q: |
What type of auto loans can
I get? |
| A: |
At this time we offer financing for the purchase
of a new or used vehicle from a franchised dealer within your state
of residence, refinancing your current auto loan and financing
of cars bought from private individuals. We currently do not offer
any of the following products: Vehicles purchased from a non-franchised
dealer, motorcycle or RV financing. |
| Q: |
How much can I borrow? |
| A: |
The maximum amount you can borrow will be based
on your application, key factors include your current income, current
obligations and your past credit history. |
| Q: |
What rates do you offer (APR)? |
| A: |
The APR (annual percentage rate) will be based
on the information contained in your loan application. We may also
include other information provided by credit reporting agencies.
Key factors include your current income, your current obligations
and your past credit history. In order to give you specific information,
we need to review a completed credit application. Go to the application
page and submit a loan application. You
will receive your decision by e-mail. |
| Q: |
I see TV ads for rates as low as 0.9% APR.
Do you offer such low rates? If I can get special rate financing
at the dealership, why should I finance my vehicle with a RoadLoansCheck? |
| A: |
Special rate programs can be very attractive
if they are offered for the vehicle that you want and have the
appropriate terms. However, sometimes the loan terms are restrictive
and you may desire different terms. Also, the dealers often offer
cash rebates as an alternative to low interest rates. Choosing
the cash rebate and financing with RoadLoans may prove more attractive
to you. |
| Q: |
What terms do you offer (months)? What
if I want a shorter term? |
| A: |
We always approve you for the longest term
possible. If you wish to pay the loan back sooner, just increase
your monthly payments to the lender. The loan is a simple interest
loan and carries no penalty for early payment. The choice is yours!
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What
is a simple interest loan?
Simple Interest is a method of allocating monthly loan
payments between interest and principal. The amount of your
payment allocated to interest is calculated based on your unpaid
principal balance, the interest rate on your loan, and the number
of days since your last payment. For example, if we receive
a payment and it has been 15 days since your last payment, then
you will be charged 15 days of interest on the unpaid principal
balance of your loan. The remainder of your payment is credited
to principal and reduces the unpaid principal balance on your
loan. |
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| Q: |
How is your interest calculated? |
| A: |
When money is borrowed, interest is charged
for the use of that money for a certain period of time. When the
money is paid back, the principal (amount of money that was borrowed)
and the interest is paid back. The amount of interest depends on
the interest rate, the amount of money borrowed (principal) and
the length of time that the money is borrowed. The formula for
finding simple interest is: Interest = Principal * Rate * Time.
If $100 was borrowed for 2 years at a 10% interest rate, the interest
would be $100*10/100*2 = $20. The total amount that would be due
would be $100+$20=$120. Simple interest is generally charged for
borrowing money for short periods of time. Compound interest is
similar but the total amount due at the end of each period is calculated
and further interest is charged against both the original principal
but also the interest that was earned during that period. RoadLoans
auto loans are all simple interest loans, this means interest is
not paid on interest -- there is no "compounding". You
can pay off the loan off as soon as you want without a penalty.
Also any extra payment applies to the principal. |
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| Concerning
the car / SUV / truck / van I want to buy |
| Q: |
What type of vehicles do you
finance? |
| A: |
New or used cars, passenger vans, light trucks
and sport utility vehicles sold by franchise dealers as long as
the it is not a conversion vehicle, 1-ton truck, a commercial vehicle
or has a branded/salvaged title. We also offer loans from private
parties with some restrictions. Please contact us at 888-276-7202
for details. |
| Q: |
Can you finance any vehicle? |
| A: |
We will finance cars, light trucks, sport utility
vehicles and passenger vans sold by franchise dealers. We do not
finance conversion vehicles, 1-ton trucks or commercial vehicles.
Some special restrictions apply to used vehicles. When in doubt,
call us. |
| Q: |
How can I finance an older
car or a smaller loan amount? |
| A: |
Our minimum loan amount is $7,500. It can be
higher in some states. We will only finance used cars that are
2002 or newer and less than 70,000 miles. |
| Q: |
What kind of used cars do you finance? |
| A: |
A RoadLoansCheck can be used to purchase a
used car that is 2002 or newer with a maximum of 70,000 miles.
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| Q: |
What if I have a trade-in? What if I still
owe money on the trade-in? What if I owe more than the trade-in
is worth? |
| A: |
Payoff procedures are generally the same for
all lenders. If you trade in your vehicle when purchasing another
vehicle from a dealer, the dealer will handle the payoff. After
you negotiate the price of your trade-in and the price of the vehicle
that you wish to purchase, the dealer will close the sale and agree
to handle the payoff on your trade-in. The dealer will charge or
credit you with the difference between the value of your trade
in and the payoff amount on your loan. Sometimes a RoadLoansCheck
can be used to cover the difference on a 'negative' trade-in. A
negative trade-in is when the dealer offers you less than what
you owe on the vehicle you are trading. In the case of a negative
trade-in, you will need to pay the difference, or you can roll
it into your new loan, as long as it fits within the LTV guidelines
of your RoadLoans loan approval. |
| Q: |
Do you finance vehicles purchased from
independent dealers? |
| A: |
You can use your RoadLoansCheck at any franchised
dealer within your state of residence. We are not able to finance
vehicles purchased from an independent dealer. |
| Q: |
What about online auto retailers or used car
superstores like CarMax, Hertz, and Enterprise?
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| A: |
Yes, CarMax, Hertz, Enterprise, and
some other used car superstores have already been approved and have
handled many of our customer vehicle purchases. As used car superstores
continue to open, we will immediately consider adding them to our program.
Please let us know if there is a used car superstore that you would like
us to add. |
| Q: |
Do I have to purchase the car from a specific
place? |
| A: |
No, you can buy from any franchised dealer
within your state of residence. A franchised dealership is an automobile dealer
authorized by a manufacturer to sell new and used vehicles. It
usually represents one or more automobile manufacturers such as
Ford, Chevy or Honda. |
| Q: |
From which dealer may I purchase my vehicle? |
| A: |
Any franchised dealer may accept your RoadLoansCheck.
It's just like cash to the dealer. If the dealer has any questions
about the process, they can call RoadLoans toll-free at 1-888-276-7202.
Franchised dealers are those who have been authorized by an automobile
manufacturer to sell its vehicles. |
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| After
you apply |
| Q: |
How will RoadLoans notify me
of the decision? |
| A: |
All applicants will receive a decision specifying
the loan amount and the terms in their e-mail. If your loan is
approved, a Loan Specialist will contact you to help explain the
terms of your loan and the process. Should we not be able to approve
your application, you will receive a notification via e-mail and
a letter in the mail explaining our decision. |
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How
soon should I expect a decision from you?
All applicants will receive a decision specifying the
loan amount and the terms in their e-mail. If your loan is approved,
a Loan Specialist will contact you to help explain the terms
of your loan and the process. Should we not be able to approve
your application, you will receive a notification via e-mail
and a letter in the mail explaining our decision. |
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| Q: |
How soon should I expect a decision from
you? |
| A: |
If you submit your application during our normal
business hours, you should receive our decision by e-mail within
one hour. We believe in the human touch, so if it takes a little
longer for one of our Loan Specialists, please be patient. Someone
will contact you within 24 hours of your application. |
| Q: |
Why was I declined? |
| A: |
Credit decisions are based on the information
you submitted in your application and a review of your credit file.
If you think we reached this decision in error or may have overlooked
something, please email us at LoanHelp@RoadLoans.com.
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| After
you are approved |
| Q: |
What happens after I get approved?
How do I buy a car? |
| A: |
A Loan Specialist will contact you to discuss
your approval, necessary documents and our financing process. We
can help you find a dealer in your area and you can go there directly
or we can send you a package in the mail containing the RoadLoansCheck
and all necessary documents. |
| Q: |
How soon will I receive my
loan package? |
| A: |
You can expect to receive your official approval
package the next day after you have been approved. We will send
the package to your house via overnight deliver at no cost. |
| Q: |
What is the RoadLoansCheck? |
| A: |
It's your loan draft from RoadLoans and it's
just like a bank check. When you complete your transaction with
the dealer, you fill out and sign the check draft. |
| Q: |
My RoadLoansCheck will expire soon. What
do I do now? |
| A: |
It is important that you use your draft prior
to expiration so that RoadLoans can guarantee your rate. Once your
draft expires you'll need to revisit our website to reapply. If
you call us before it expires we may be able to help without reapplying.
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| Q: |
If I don't use my RoadLoansCheck, what
should I do? |
| A: |
You are not obligated to use your approval
package or RoadLoansCheck. If you decide not to use them, please
tear them up and discard them. You can also call us toll-free at
1-888-276-7202 and we will cancel the RoadLoansCheck. |
| Q: |
What should I know before I go to the dealer? |
| A: |
You should know which car you want to buy,
what the MSRP and invoice price are, and how you want to pay for
the purchase. Getting your financing before going to the dealership
may facilitate your purchase. |
| Q: |
If the dealer doesn't accept my RoadLoansCheck,
what do I do? |
| A: |
If, for any reason, the dealer is reluctant
to accept check drafts, please call us toll-free at 1-888-276-7202.
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| Q: |
Do I have to use the full loan amount? |
| A: |
No! You use only what you need as long as it
falls within the minimum and maximum approved amounts and is less
than or equal to the "loan to value ratio". You may have
the ability to add additional after-market accessories or extended
service plans if the maximum amount will allow. Your loan will
be activated for the amount that was filled in on the RoadLoansCheck
issued to you. Your monthly payment will be re-calculated based
on the amount you use. |
| Q: |
I would like a higher loan amount. Do I
need to re-apply? |
| A: |
Please contact us toll-free at 1-888-276-7202
during business hours. If you qualify for the higher amount, we
will be more than happy to send you a RoadLoansCheck and loan package.
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| Q: |
What if I want to pay my loan off faster
than planned? What if I want to pay it off early all at once? Are
there any penalties for pre-paying my loan? |
| A: |
No, you may pay off either a portion of your
loan or the entire amount at any time without incurring any penalties.
Any payment you make above your regular monthly payment is usually
applied to the principal balance of the loan. |
| Q: |
What if I don't find a car immediately?
How long is my loan approval valid? |
| A: |
Your loan approval is good for 30 days. If
you do not use the loan by that time, you will need to resubmit
your application. |
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| At
the dealership |
| Q: |
What is the RoadLoansCheck? |
| A: |
It's your loan draft from RoadLoans and it's just
like a bank check. When you complete your transaction with the dealer,
you fill out and sign the check draft. |
| Q: |
At which dealerships can I purchase
my vehicle? |
| A: |
Any franchised dealer within your state of residence
may accept your RoadLoansCheck. It's just like cash to the dealer.
If the dealer has any questions about the process, they can call RoadLoans
toll-free at 1-888-276-7202. Franchised dealers are those who have
been authorized by an automobile manufacturer to sell its vehicles. |
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What
is a "loan to value" ratio?
This is a number calculated by dividing the amount of the
loan by the vehicle value published in a recognized auto pricing
guide - for example, those published by the National Auto Dealers'
Association or Kelley Blue Book. Example: If the NADA price for
the vehicle you select is $10,000 and your loan to value ratio
is 105%; you can spend up to $10,500 (including taxes, license,
registration, after market accessories and/or extended warranty
coverage) as long as the entire amount is less than the maximum
approved amount. The pricing guide that is used varies by state.
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| Q: |
What does NADA or KBB mean? |
| A: |
NADA and KBB are auto industry pricing guides;
NADA stands for "National Auto Dealer's Association" and
KBB stands for "Kelley Blue Book". The NADA pricing guide
is used to determine the "loan to value ratio" in most states,
the KBB pricing guide is used to determine the "loan to value
ratio" primarily in California. |
| Q: |
How should I negotiate the vehicle price with
the dealer? |
| A: |
The key to negotiating the best price is to focus
solely on vehicle price and not get distracted by financing. When
you shop with your RoadLoansCheck it is just like shopping with cash,
allowing you to limit the discussion to the price of the car. We suggest
that you shop around before using your RoadLoansCheck to purchase
a vehicle. |
| Q: |
Will the dealer accept my RoadLoansCheck?
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| A: |
The RoadLoansCheck is good as cash at any franchised
dealership. If, for any reason, the dealer is reluctant to accept
check drafts, please call us toll-free at 1-888-276-7202. |
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