RoadLoans - car financing made easy

Shortly after moving to Pennsylvania, my husband and I realized that our very old car was not going to pass inspection here. The car was a 1995 Dodge Intrepid with over 160,000 miles on it, so the cost of making it inspection-ready would be more than what the car was actually worth. Obviously it would cost us money either way, but in the long run, we felt it was better to have one regular monthly payment than to keep getting blindsided by ever-increasing repair bills on the old car.

Naturally, the first thing we needed was to find a bank or finance company that would give us a car loan. We tried going through the dealers, but most wanted very large downpayments, and even with that, they couldn't guarantee us an approval. My husband is retired and I'm not working right now (at least not for a salary), so getting approved was quite a challenge.

After the first discouraging week, I decided to go online and see if I could find some auto loans that were tailored for those with credit problems. That was when I found the link for RoadLoans.com.

I read through all the information on their website (see link at right or banner at bottom of page), and it sounded easy. Besides, I thought, what have we got to lose besides our old clunker? So I filled out the application online, which took approximately 10 minutes. The next morning I had an email saying we had been approved for an auto loan up to $15,000, and that the paperwork - along with a check we could take to any franchise dealer - would be sent to us via overnight mail!

Honestly, I was still pretty skeptical. This sounded too easy, and they hadn't even asked to verify our income. But we desperately needed a car, and since there were no up-front fees, we didn't have anything to lose by giving it a try. Now I'm very glad we did.

There are a few things you should know up front:

1.) The interest rates are a bit high, but since these loans are primarily for those who have problem credit, then a higher interest rate should be expected. Still, it's a lot lower than what many folks are paying for interest on their credit cards.

2.) It's a "simple interest" loan, which means if you can pay more than the minimum, that amount comes off your principle, which also lowers your total interest charges over the life of the loan. There is NO prepayment fee either, so if that lottery ticket pays off, you can pay off the loan early, saving even more on interest charges.

3.) You must go through a franchise dealer (Buick, Dodge, Ford, Toyota, Subaru, etc.) - not one of those tiny used car lots. RoadLoans also has an option for buying from a private seller, but that is a bit more complicated and takes longer. We chose to use a reputable dealer.

4.) Although you get a "blank check" right away, the deal isn't closed until RoadLoans informs the dealer that the check will be approved for funding. This is often done within 24 hours though, unless it's a weekend or holiday.

5.) You must have a current utility bill (less than 30 days old) to prove your residence address. This is very important! We used a bill that was about 33 days old at first, and it wasn't acceptable, so we had to wait a day for the new bill to come in the mail and then send them that one instead.

All in all, the process of getting our car loan was quick, painless, and very easy - much easier than I had dared to hope when we started out looking for a car. Our monthly payments are fixed, and since we could take a loan term up to 72 months, we could keep the payments relatively low so we weren't overextended. In the end, thanks to RoadLoans we are now driving around in a 2004 Jeep Cherokee that has less than 50k miles on it, and is likely to last us long past the life of the loan.

So, I can honestly say - based on our personal experience - RoadLoans is a very reliable, easy, safe, and affordable way to get the car you need right now, with no hassle, no hidden fees, and no pain. Plus, the check is good at any franchise dealer, so you can shop around as much as you like until you find the right car, and then negotiate with the dealer as if you were walking in with the cash in your hand.

Don't let the banks and auto finance companies get you down. Check out RoadLoans today. I am positive you will be glad you did.


Note: This is my first real product endorsement - however, I am not being paid for this (other than the small affiliate fee I get if you use the RoadLoans banners on this page to access their application). Rather, I am writing this review solely because we had such a good experience with this company that I want to help others who may be having trouble financing a new or used car.

Sphere: Related Content