Established Member
Posts: 20
Registered: ‎01-27-2013
Roadloans = Confusion

Hello everyone! After a week of lurking, finally decided to create an account :smileyhappy:

Im 21, and im searching for my 2nd car, but this would be my first time having it purchased and financed in my name. Out of highschool i screwed my credit score up, so I am resulting to anything, even if that means applying to roadloans. I was approved for up to $23,234 with an APR of 16% for 72 months, although I plan to pay off in 48 or less .. My parents hate it but I have to bite the bullet somewhere for my credit to be back in good standing. Im looking at a 2009 scion TC with a 11,995 sticker price, and a 2008 scion TC for $9,885 as choice number 2. Now, to the question... I've read the documents that they've provided, and it states :


APR : 16%

FINANCE CHARGE: $13,053.46




           NUMBER OF PAYMENTS                                                 AMOUNT OF PAYMENTS                                                 WHEN PAYMENTS ARE DUE

                           72                                                                                   $504                                                         Monthly, beginning 30 days from the date of funding until paid in full




I understand that the finance charge + the amount financed = Total of payments. What i dont understand is why the amount financed is $23,235.54 if I only need $13,053.46 for the car?!? Is this something that I have to work out with the customer service [tried calling they're closed]. There is no way that's accumulated interest... i'm very new and unexperienced to this so please be patient with me :smileyembarrassed: Thank you in advance !!!



Starting Score:EXP:523 EQ:574 TU:594 {[09/13]}
Current Score:EXP:563 TU:597:smileyhappy: {[10/13]}
Goal Score:700
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