topic Re: roadloans in Auto Loans

roadloans

MsTucker09 — Tue, 10 Apr 2012 20:09:43 GMT

I am currently thinking about all my auto loan possibilities and I was wondering if roadloans will finance new cars...I know that they are owned by santander and there are alot of dealerships in my area that they are the preferred lender for (carmax being one of them that does sell new toyotas in my area) but I was just wondering if any dealership in their right mind would deny financing from any lender because essentially they would still receive the money. whether its a subprime lender or do they usually have only certain dealerships that they do business with. ANy input is appreciated im kinda new to this car buying game

Re: roadloans

Revelate — Wed, 11 Apr 2012 22:57:41 GMT

@MsTucker09 wrote:
I am currently thinking about all my auto loan possibilities and I was wondering if roadloans will finance new cars...I know that they are owned by santander and there are alot of dealerships in my area that they are the preferred lender for (carmax being one of them that does sell new toyotas in my area) but I was just wondering if any dealership in their right mind would deny financing from any lender because essentially they would still receive the money. whether its a subprime lender or do they usually have only certain dealerships that they do business with. ANy input is appreciated im kinda new to this car buying game

Roadloans is good for Carmax true, preferred or not, not sure.

There's some negotiation that happens between dealership and financancing companies, and as a result, not all dealerships will accept all financing, and lenders definitely won't accept all dealerships. There's some legal contract requirements in there, so while I would agree any dealership would love to accept any and all financing, they don't always get to do that. Even with well-known financers such as Santander vis a vis Roadloans.

I honestly didn't know that Carmax sold new vehicles, but if you want a new car, I don't know why you wouldn't go to a branded dealership. Expecially at Toyota where TFS is apparently legendary for having a loan for just about anyone... and decent rates for those loans too from the posts here.

Re: roadloans

MsTucker09 — Wed, 11 Apr 2012 23:46:07 GMT

@Revelate wrote:
@MsTucker09 wrote:
I am currently thinking about all my auto loan possibilities and I was wondering if roadloans will finance new cars...I know that they are owned by santander and there are alot of dealerships in my area that they are the preferred lender for (carmax being one of them that does sell new toyotas in my area) but I was just wondering if any dealership in their right mind would deny financing from any lender because essentially they would still receive the money. whether its a subprime lender or do they usually have only certain dealerships that they do business with. ANy input is appreciated im kinda new to this car buying game
Roadloans is good for Carmax true, preferred or not, not sure.

There's some negotiation that happens between dealership and financancing companies, and as a result, not all dealerships will accept all financing, and lenders definitely won't accept all dealerships. There's some legal contract requirements in there, so while I would agree any dealership would love to accept any and all financing, they don't always get to do that. Even with well-known financers such as Santander vis a vis Roadloans.

I honestly didn't know that Carmax sold new vehicles, but if you want a new car, I don't know why you wouldn't go to a branded dealership. Expecially at Toyota where TFS is apparently legendary for having a loan for just about anyone... and decent rates for those loans too from the posts here.

okay thanks so much...I didnt think it was so complicated...lol and I didn't know toyota was that way because I havent really seen alot of posts about them being lenient with their lending to sub prime borrowers. So I do appreciate it.

Re: roadloans

cda710 — Thu, 12 Apr 2012 00:00:44 GMT

Roadloams will finance new dodges at a higher price and lower rate than what they approved you for with a used vehicle. The catch I believe is that it has to be a Chrysler/jeep/dodge/ram vehicle. I used them and then refinanced with capital one. I had no problems and it was a simple experience.

Re: roadloans

MsTucker09 — Thu, 12 Apr 2012 00:26:30 GMT

@cda710 wrote:
Roadloams will finance new dodges at a higher price and lower rate than what they approved you for with a used vehicle. The catch I believe is that it has to be a Chrysler/jeep/dodge/ram vehicle. I used them and then refinanced with capital one. I had no problems and it was a simple experience.

so are you saying they will only finance new chrysler/jeep/dodge???

Re: roadloans

cda710 — Thu, 12 Apr 2012 14:31:59 GMT

I'm saying, in my experience with them, they offer (better but not great) financing rates when you buy a new Chrysler product.

Re: roadloans

cda710 — Thu, 12 Apr 2012 14:33:42 GMT

I got my loan with a 450 auto enhanced and bought a brand new 2011 dodge truck last June. Refinanced with capital one in January and had my payments drop $100.

Re: roadloans

MsTucker09 — Thu, 12 Apr 2012 22:12:10 GMT

@cda710 wrote:
I got my loan with a 450 auto enhanced and bought a brand new 2011 dodge truck last June. Refinanced with capital one in January and had my payments drop $100.

what interest rate did you receive

Re: roadloans

MsTucker09 — Thu, 12 Apr 2012 22:14:12 GMT

oh ok...they must have some stock in dodge vehicles....lol

Re: roadloans

cda710 — Fri, 13 Apr 2012 01:43:44 GMT

My roadloans was 17%ish. My cap1 is 7.5%ish.

Re: roadloans

MsTucker09 — Fri, 13 Apr 2012 03:44:52 GMT

@cda710 wrote:
My roadloans was 17%ish. My cap1 is 7.5%ish.

well thats not too bad considering your previous score......I wouldve expected it to be about 25-29%.....