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New Member
SunnySpringDay
Posts: 2
Registered: ‎04-10-2013
0

Any experience with Roadloans?

I am hoping to hear about other people's experiences with Roadloans.  I have been reading a TON of conflicting information about them online.  Some people seem to have  no issues with them, while others make them seem like the most crooked company on the planet.  

 

A litte about my situation:

 

Last week I purchased a used car with a loan from Roadloans.  The dealer I purchased the car through had encouraged me to apply through Chase, the bank he normally dealt with.  I declined since I was already approved through Roadloans at 1.99% interest.  (I figured it couldn't get much better than that.)

 

The dealer called me yesterday saying that the loan paperwork is taking a long time to finalize through Roadloans and asked me again if I wanted to try a different bank.  I declined again but now reading more reviews about Roadloans I'm wondering if I should try to get approved through Chase.  

 

Any advice or information from those who have dealt with Roadloans would be very much appreciated!

  

Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: Any experience with Roadloans?

You should see if the dealer can beat the 1.99%.

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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: Any experience with Roadloans?

Agree with DustinK

There are a lot of very negative views of roadloans.
If I remember right they are owned by santander. You really want to stay away.

Chase does an excellent job with auto loans. I have 4 chase auto loans and all were serviced without a hitch. Plus you can pay at any branch.

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Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
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Re: Any experience with Roadloans?


webhopper wrote:
Agree with DustinK

There are a lot of very negative views of roadloans.
If I remember right they are owned by santander. You really want to stay away.

Chase does an excellent job with auto loans. I have 4 chase auto loans and all were serviced without a hitch. Plus you can pay at any branch.

+1

 

My auto loan is through Chase. So far, so good.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
New Member
User697563
Posts: 2
Registered: ‎04-11-2013
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Re: Any experience with Roadloans?

[ Edited ]

SunnySpringDay,

 

We apologize for any delay in funding your loan.  When dealers return your loan package to us, we have to verify all of the documents and make sure everything was done correctly.  We do this for your protection. 

 

edited

 

Thank you for your business and we appreciate the opportunity to serve you.

 

 We hope to hear from you soon.

 

RoadLoans

Frequent Contributor
blondy250
Posts: 465
Registered: ‎01-03-2013
0

Re: Any experience with Roadloans?


webhopper wrote:
Agree with DustinK

There are a lot of very negative views of roadloans.
If I remember right they are owned by santander. You really want to stay away.

Chase does an excellent job with auto loans. I have 4 chase auto loans and all were serviced without a hitch. Plus you can pay at any branch.

From what I understand Roadloans uses different lenders based on what credit tier your in 1.99% is pretty decent IMO.


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New Contributor
way2evil
Posts: 59
Registered: ‎02-03-2011
0

Re: Any experience with Roadloans?

I am a dealer and I can tell you exactly why they dont want to use roadloans. Roadloans is the biggest scam there is. They feed the customer all sorts of misinformation, like they are getting such a low rate, and 72 months, and any car they want. Roadloans is Santander. They only finance 06 and up. For 72 months the vehicle must have under 60k miles. They also tell you that you are approved for xx,xxx amount. This is not true at all. What really happens is they allow you to finance up to that amount, but they only pay the dealer that amount minus their fee (which is as low as $400 and as high as $5000). Yes, that is right, a $5000 bank fee. They also request all stipulations on any buyer, prime or subprime. If you managed to get a 1.99% bull**bleep** rate from roadloans, apply at chase and you will get a good rate with a real bank and no fee.

New Member
SunnySpringDay
Posts: 2
Registered: ‎04-10-2013
0

Re: Any experience with Roadloans?

Thanks to all that replied.  I'm going to call my dealer this morning and ask if it's too late to apply with Chase.  If Chase doesn't approve me,  I may have to use Roadloans.

 

I would still love to hear from anyone that has dealt with Roadloans personally.

Regular Contributor
coreyb80
Posts: 107
Registered: ‎07-26-2012
0

Re: Any experience with Roadloans?

A $5000 bank fee is crazy.  There are some dealers that work exclusively with RL, such as Carmax, and I'm wililng to bet their fee is not as high if there is even a fee at all.

New Member
User697563
Posts: 2
Registered: ‎04-11-2013
0

Re: Any experience with Roadloans?

SunnySpringDay,  

 

We appreciate that you chose Roadloans as your financing solution.  Please keep in mind when reading these posts that every customers’ situation is different.  Again, sometimes funding a loan can take a few days.  Most dealers will understand this process since it is for your benefit.   

 

You are a great customer and we would like the opportunity to retain your business.   

 

Sincerely,  

RoadLoans


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