FAQs

About RoadLoans

Q: Who is RoadLoans?

A: RoadLoans is an Internet-based direct-to-consumer lender. We specialize in financing and servicing auto loans for customers with less-than-perfect credit.

Q: In which states is auto financing available?

A: RoadLoans offers financing in select states. We currently do not offer loans to residents of Alaska, Hawaii, Mississippi, Nevada, and Tennessee.

Q: Do you offer refinancing?

A: Yes. RoadLoans gives qualifying customers the opportunity to lower the payments on your current auto loan. Apply now.

Q: Do you offer leasing?

A: At this time we do not offer leasing.

Q: Do you finance RVs, trailers or motorcycles?

A: No.

Q: Does RoadLoans offer other types of loans – like personal loans, or boat/watercraft loans?

A: RoadLoans' parent company, Santander Consumer USA, offers Title and Auto Equity Loans through HelpingLoans.com.

Q: Will I get a discount on my auto loan if I’m an existing RoadLoans customer?

A: No. Because we already offer competitive rates for auto financing, we are unable to offer further discounts.

Q: How do I know my RoadLoans application is secure?

A: The information you submit in your credit application is protected and encrypted along the way. Specifically: 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 do I apply for financing through RoadLoans?

A: Apply online using our secure application.

Q: When should I apply?

A: You should submit your secure online application to RoadLoans when you are ready to buy a car. You will receive a loan decision via e-mail. Approvals are valid for 30 days.

Q: How much should I apply for?

A: We recommend researching the price of the vehicle you are looking to purchase. Remember to apply for greater than the actual value cost of the of the vehicle, to allow room for tax, title, licensing, and other value-added products such as GAP or an extended service contract.

Q: Can a co-borrower be part of the loan?

A: Yes. We may be able to include an additional borrower on the loan.

Q: Who sees my loan application?

A: Your application will only be reviewed by parties involved in the funding of your loan, including the lender processing your loan. For more information please view our privacy policy.

Q: How soon will I know if my loan application is approved?

A: It may take up to 24-48 hours.

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Concerning my credit – bad credit, bankruptcy

Q: What if I have less than perfect credit or a bankruptcy?

A: RoadLoans offers a range of products to meet the needs of customers across the credit spectrum. If you have less than perfect credit, we will work to approve you, along with our lending partners. You must submit a complete credit application to initiate the lending process. Please visit RoadLoans.com application page to apply.

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Concerning the loan – type, term, interest rate

Q: What type of auto loan can I get?

A: RoadLoans offers financing for the purchase of a vehicle from a dealer within your state of residence, or refinancing your current auto loan.

Q: How much can I borrow?

A: The maximum amount you can borrow is based on your several factors. Key factors include your current income, financial obligations and credit history.

Q: What rates do you offer (APR)?

A: The annual percentage rate (APR) for a loan is based on the information contained in your loan application and other information provided by credit reporting agencies.

Q: I see ads for rates as low as 0.9% APR. Do you offer rates like this? If I can get special rate financing at the dealership, why should I finance my vehicle with RoadLoans?

A: Special rate programs can be attractive if they are offered for the vehicle you want and have the appropriate terms. However, sometimes these loan terms are restrictive and only available to the very best credit customers. RoadLoans offers competitive rates specifically designed to help customers with less than perfect credit purchase a vehicle. Also, dealers may offer cash rebates as an alternative to a lower interest rate.

Q: What terms do you offer (months)? What if I want a shorter term?

A: Our approvals are structured with the longest term possible. If you wish to pay the loan back sooner, you are free to do so. The loan is a simple interest loan and carries no penalty for early payment.

Q: What is a simple interest loan?

A: Daily 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, 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.

Q: How is interest calculated?

A: The amount of interest depends on the interest rate, the amount of money borrowed (principal) and the length of the time the money is borrowed. The formula for calculating simple interest is: Interest = Principal x Rate x Time. RoadLoans loans are all simple interest, meaning you don’t pay interest on interest (compounding). You can pay off the loan whenever 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: RoadLoans finances vehicles from dealerships that are generally 2005 models or newer, with less than 90,000 miles, with some restrictions. Restricted vehicles include: Cargo Vans, Passenger Vans, conversion vans/vehicles, commercial vehicles, vehicles greater than one (1) ton or vehicles with branded/salvaged titles. Minivans are eligible. Call us at 888.276.7202 or e-mail us at loanhelp@roadloans.com if you have questions about the kinds of vehicles that are acceptable.

Q: What is a franchised dealership?

A: A franchised dealership is an automobile authorized by a manufacturer to sell new and used vehicles. It usually represents one or more automobile manufacturers such as Ford, Chevy or Toyota. CarMax is also considered a “franchise” dealer with RoadLoans.

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:If you trade in your vehicle when purchasing another vehicle from the dealer, the dealer will handle the payoff. After you negotiate the price of the vehicle and the price of your trade, the dealer will charge or credit you the difference between the value of your trade-in and the payoff amount on your loan. A negative or “upside down” trade occurs 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 roll the amount into your new loan – as long as it fits within the Loan-to-Value (LTV) guidelines of your RoadLoans loan approval.

Q:Do I have to purchase my vehicle from a specific place?

A:Details about the franchised dealerships that accept RoadLoans financing will be provided in your loan packet.

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After you apply

Q:How will RoadLoans notify me of the decision about my application?

A: All primary applicants will receive an e-mail that provides instructions for obtaining information about the loan approval, amount and terms. If your loan is approved, you will receive instructions for obtaining and using your loan package. If we are unable to approve your loan application, you will receive a notification and letter explaining the decision.

Q: How soon should I expect a decision about my application?

A: It may take up to 24-48 hours.

Q: Why was I declined?

A: Credit decisions are based on the information you submitted in your application and a review of your credit history. If you have questions about a loan decision, e-mail 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: Upon receiving your approval – usually within minutes after applying – you will receive e-mail instructions for securely accessing your RoadLoans loan packet. Your packet will explain your loan structure, terms, usage, RoadLoans approved dealers and the required documents necessary to finalize your vehicle purchase. The packet will explain the buying process in greater detail. You may also call us at 888.276.7202 for assistance.

Q: Will I receive a check with my loan package?

A: You will receive a voucher with your approved loan amount that can be used at a RoadLoans dealer. You will need to bring this voucher, along with the rest of the documents in your loan package, with you to the dealership.

Q: My RoadLoans approval will expire soon. What should I do?

A: It is important that you activate your loan and finalize your vehicle purchase prior to the expiration so that RoadLoans can guarantee your rate. Once your approval expires, you will be required to reapply through our Web site.

Q: If I don’t want to activate my loan, what should I do?

A: You are not obligated to use your approval package or RoadLoans loan voucher. If you decide not to use them, please securely destroy your loan documents. You can also call use toll-free at 888.276.7202 and we will cancel your voucher.

Q: What if the dealer doesn’t want to accept my RoadLoans financing?

A: If for any reason the dealer is reluctant to proceed with finalizing your loan through RoadLoans, call us toll-free at 888.276.7202.

Q: Do I have to use the full loan amount?

A: No. Use only what you need as long as the total amount 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 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 RoadLoans voucher that came with your loan package. If your purchase doesn't require the full amount for which you were quailified, fill in the voucher with the lesser amount. Your dealer can provide you with the exact amount to fill in your voucher to complete your purchase.

Q: I would like a higher loan amount. Do I need to re-apply?

A: Contact us toll-free at 888.276.7202 during business hours. Our loan specialists will review your application and determine if you qualify for a higher amount. Alternately, you may want to consider a co-applicant.

Q: What if I don’t find a car immediately? How long is my loan approval valid?

A: Loan approvals are valid for 30 days. If you do not use the loan by the expiration date, you will need to resubmit your application.

Q: Where do I send insurance information?

A:Mail insurance information to:

Santander Consumer USA Inc. P.O. Box 183 Minneapolis, MN 55480-0183

Insurance coverage is mandatory. Your contract includes a requirement to maintain an insurance policy on your vehicle that provides comprehensive and collision coverage, and to have a Loss Payee and Additional Insured Endorsement. Please make sure this information is correctly disclosed on the policy. Please call toll-free at 1-888-222-4227 to update your policy information at any time.

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At the dealership

Q: What is the RoadLoans voucher?

A: Your RoadLoans voucher shows the dealer your approved maximum loan amount. The dealer will use this document in finalizing your loan purchase paperwork and transaction.

Q: At which dealerships can I purchase my vehicle?

A: Your RoadLoans loan package will direct you to a RoadLoans dealer that will have a large quantity of quality vehicles that match closely to your desired vehicle make/model/year.

Q: What is a “loan to value” (LTV) ratio?

A: This is a number calculated by dividing the amount of the loan by the vehicle value published in a recognized auto pricing guide – like those published by NADA or Kelley Blue Book. For example: if the NADA price for the vehicle you select is $10,000 and your LTV ratio is 105%, you can spend up to $10,500 (including taxes, licenses, registration, after-market accessories, warranties, etc.) as long as the entire amount is less than your maximum approved amount. The pricing guide used to value vehicles varies by state.

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