Roadloans

[Anonymous]

I got approve for road loans. I wanted to know can I choose what carlots to go and I wanted to know do they ask for proof of income. My credit score is 598 accord to them

[Appleman]

You may need to call Road Loans to get accurate information. I would ask at least these questions:

1. Which car lots may I shop at?

2. What is my interest rate/

3. How long is my term? (Either in months or years)

4. What do you require for proof of Income (POI) usually the last two paychecks will be sufficient

5. How long is the offer valid?

Good luck,

[Anonymous]

I would run as far away from them as possible. Go to a local credit union and try and get approved there. 

[JGGM]

With that score you maybe able to get a captive lender to approve you (I.e. Nissan Motor Acceptance Corp, GM Financial, Chrysler Capital). Must lenders in that score would require POI and POR. RoadLoans is a division of Santander, it's possible they might not require POI. I would call them and ask what stipulations would be for you. Also ask for max loan to value allowed. Most dealerships will use RoadLoans/Santander, albeit a last resort. 

[Anonymous]

Roadloans should be your last resort.  I had no choice but to use them a few years ago so I learned alot.  First they require the dealers to pay them to give you a loan and put the dealer on the hook if you default so many dealers won't do business with them at all.  If you can find a dealer to take you they won't give you a great deal because of those factors.  Roadloans/Santander make it very difficult to do simple things like make payments, you have to actually pay a fee to do an electronic payment.  Interest will be very high.  If you do go with them make sure you do so with your eyes wideopen and plan on building your scores so you can refinance.  Loan to value will be a problem for refinance if you don't put money down so be aware that you might get stuck with that loan for some time.

I would try a credit union first, you may not get approved but I would at least try, then I would work with a dealer to see if they can find you a better lender.  I know they work with Carmax so if you have one locally that would be an option.