topic Re: Any experience with Roadloans? in Auto Loans

Any experience with Roadloans?

Anonymous — Thu, 11 Apr 2013 02:15:15 GMT

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!

Re: Any experience with Roadloans?

Anonymous — Thu, 11 Apr 2013 03:13:08 GMT

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

Re: Any experience with Roadloans?

webhopper — Thu, 11 Apr 2013 04:52:15 GMT

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.

Re: Any experience with Roadloans?

Anonymous — Thu, 11 Apr 2013 05:01:34 GMT

@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.

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

Re: Any experience with Roadloans?

Anonymous — Thu, 11 Apr 2013 20:16:25 GMT

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

Re: Any experience with Roadloans?

blondy250 — Thu, 11 Apr 2013 21:07:03 GMT

@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.

Re: Any experience with Roadloans?

Anonymous — Fri, 12 Apr 2013 00:24:50 GMT

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.

Re: Any experience with Roadloans?

Anonymous — Fri, 12 Apr 2013 12:46:56 GMT

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.

Re: Any experience with Roadloans?

coreyb80 — Fri, 12 Apr 2013 14:53:27 GMT

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.

Re: Any experience with Roadloans?

Anonymous — Fri, 12 Apr 2013 16:10:53 GMT

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

Re: Any experience with Roadloans?

Anonymous — Tue, 05 Nov 2013 12:42:58 GMT

I have used Roadloans a few times. Never had a problem with them. They have been wonderful. In fact because I always paid my account on time. The next time I needed a load they approved me with no Docs just printed the approval letter and went right to a dealer and poof I was done and drove away with a new car.

The only time anyone would have a problem with them and all the people complaining is if they did not keep their account current!

Yes they are owned by Santander. I had a loan with both companies because of a divorce my credit went to hell and yes the interest rate is higher then normal but it's the price you pay when your credit sucks. No bank would accept me except them so I honestly have to say they have been fair to me since I couldnt get approved by anyone one else

Hats off to Roadloans and Santander for standing by me when no one else would and I needed a loan!!!!

Re: Any experience with Roadloans?

Anonymous — Tue, 05 Nov 2013 12:50:06 GMT

OH and I just read a post for a man claiming to be a dealer...that's such BS about a 5 thousand dollar bank fee. I just purchased a used BMW from the biggest dealer down here in Florida. Trust me BMW or Mecedes Benz dealers wouldnt use Santander if they were a scam. Most used dealers hate them because Roadloans or Santander will not give a loan to a car that has an accident report on the carfax ..and lets face it A LOT of cars on used lots have had accidents. So the buyer must be aware ..it must be from 07 and up... low miles and no accidents...You can't blame them...they are taking high risk loans....if people walk away from the loan they are stuck with the car.. PS..how I know so much...I use to be in cars sales

Re: Any experience with Roadloans?

choppa02 — Tue, 05 Nov 2013 21:11:39 GMT

Sorry for the noob question but this is my first auto loan. I was pre approved through roadloans with three options Im choosing the option of 19.3k @11%apr min 4k down because its the highest loan amount now here's my question I've found a car I like on the carmax website for 22.9k does that mean I have to pay carmax the 4k down plus the 3.6k difference or does that 4k down cover the 3.6k difference? Will roadloans accept the fact the car I want is 3.6k more than I was approved for? Btw I know fees and taxes will apply.

Re: Any experience with Roadloans?

DenverVandal — Tue, 05 Nov 2013 22:52:03 GMT

Talk to the folks at CarMax, I heard they were the way to go if you use RoadLoans so I called them up and they got me a slightly better deal with RoadLoans (Santander)

From what I hear they don't get charged the fee that most dealers are charged so I think it would be tough to get a good deal with RoadLoans anywhere else.

So for so good with Santander, I would love to be able to refi my crazy 22% APR but have not had luck yet. The only downside is that they don't take online payments directly so you have to pay Western Union $10.95 a month if you want to go that route.

Re: Any experience with Roadloans?

anca21bi — Thu, 07 Nov 2013 01:47:10 GMT

I have Santander and it has been great. For doing the online payment is just do bill pay thru my bank account and Santander gets my payment in less than 48 hours. Although I have a high interest rate, I got a car that was only a year old. The newest car I ever owned. My credit score was only in the 520s too. There is a fee but is based on the credit worthiness and it is between the dealer and the roadloans. I'm thankful there is finance companies like roadloans.

Re: Any experience with Roadloans?

jackg — Fri, 08 Nov 2013 19:09:38 GMT

choppa02

New Contributor

Posts: 91

Registered: ‎06-18-2013

Re: Any experience with Roadloans?

‎11-05-2013 01:11 PM

In the future, when you have a question about an issue, you must initiate a new thread & not interrupt someone elses inquiry. It's a very rude thing to do & is referred to as hi-jacking a thread on most forums.

Re: Any experience with Roadloans?

coterotie — Fri, 08 Nov 2013 19:32:32 GMT

I used Santandar because they were 6% cheaper than Chase so it comes down to your individual situation. The dealer was billed a fee of $450 although Santandar said they would be paying the dealer. It all worked out and I agreed to split the fee with the dealer. I had the loan for a little over a year and paid it off with a refi from CapitalOne. The payments were a little bit of a hassle as the only free online payment is through western union auto-debit. Other than this minor hassle I have nothing but positive things to say. The customer support pre-loan as I was shopping was extraordinary and unlike Cap1 they didn't pull my credit but once in the 45 day shopping period. Cap1 pulled my wife's every time we changed cars, killed her score so much we decided not to buy a car.

Chase likely gives the dealer more money to steer the loan so that's why they like them more.

Re: Any experience with Roadloans?

Anonymous — Fri, 08 Nov 2013 19:35:59 GMT

@jackg wrote:

@choppa02
New Contributor
@choppa02
Posts: 91
Registered: ‎06-18-2013
Re: Any experience with Roadloans?

‎11-05-2013 01:11 PM
@Anonymous for the noob question but this is my first auto loan. I was pre approved through roadloans with three options Im choosing the option of 19.3k @Anonymous%apr min 4k down because its the highest loan amount now here's my question I've found a car I like on the carmax website for 22.9k does that mean I have to pay carmax the 4k down plus the 3.6k difference or does that 4k down cover the 3.6k difference? Will roadloans accept the fact the car I want is 3.6k more than I was approved for? Btw I know fees and taxes will apply.

In the future, when you have a question about an issue, you must initiate a new thread & not interrupt someone elses inquiry. It's a very rude thing to do & is referred to as hi-jacking a thread on most forums.

We are all here to learn and we appreciate your experience while guiding our new member in posting etiquette. Just as important is being courteous and supportive in our responses to all members. Please remember to be friendly, supportive and respectful to all.

guiness56, myFICO Moderator

Re: Any experience with Roadloans?

coterotie — Fri, 08 Nov 2013 19:44:43 GMT

Use the chat function at Roadloans. They were very helpful explaining everything about the process.

@choppa02 wrote:
@Anonymous for the noob question but this is my first auto loan. I was pre approved through roadloans with three options Im choosing the option of 19.3k @Anonymous%apr min 4k down because its the highest loan amount now here's my question I've found a car I like on the carmax website for 22.9k does that mean I have to pay carmax the 4k down plus the 3.6k difference or does that 4k down cover the 3.6k difference? Will roadloans accept the fact the car I want is 3.6k more than I was approved for? Btw I know fees and taxes will apply.

Re: Any experience with Roadloans?

Anonymous — Wed, 08 Jan 2014 03:04:39 GMT

I see there is many with questions about roadloans. Let me help you understand them a little better. Many years ago while playing around with the idea of purchasing a car, with little credit and no money for a down payment, I stumbled upon the roadloans site. I filled out the application, and within 2 days received a check for the requested loan amount. At first I thought it was a scam. ITS NOT! I took the check to the dealership and drove home in my new car! No money down! Roadloans is Santander USA. I have been with Santander for 7 years as I recently requested they refinance my other vehicle from another finance company. Many people will say a lot of negative things about Roadloans a/k/a Santander. But, I am here to tell you this.
If you are as I was, or similar you have found a great finance company with Santander USA. Yes, it is true some people may have higher interest rates than others, and I will say I do not believe they still have the 0 down available. But, I have never had a better finance company! They work with you every way they can. They want to help! Even with having had some difficulties in payments on my first loan, they still refinanced my second loan for me! I do not have high interest rates, and I know I have made the right choice!