Car terms to know in the F&I office
After reaching a deal on a car at the dealership, you’ll usually be ushered into the F&I office – the financing and insurance department – to finalize your purchase. This is where you will be offered financing, other products and optional extras, some of which you may never have heard of before. To make that process easier and help you decide if they’re things you’d like to buy, take a look at the key terms likely to come your way, below.     F&I manager – The person who will take you through these final steps before you sign on… Read More

New car loan vs. Used car loan
Should you buy new or preowned this time? A quick comparison of new vs. used auto loans can be a useful part of that decision-making process. After all, if you’re committing to a financing contract for a number of years, you’ll want to make sure it works for you and you’re comfortable with things like interest rate, monthly payment and what you’ll end up paying for the vehicle in total. Read through the advantages of each type of loan, below, to understand which may suit you best, and learn how RoadLoans customers enjoy more control in the car-buying process.  … Read More

Discover the RoadLoans experience in the words of our customers
    Easy. It’s a word you’ll see a lot in consumer reviews of RoadLoans, and it’s one that sums up our streamlined, no-hassle approach to auto financing. Whether you’re looking for a loan to purchase your next new or used vehicle, or to refinance your current car, take a look to see what the experience is like in the words of people who have applied for credit at RoadLoans.com. We have more than 1,100 reviews, hosted by third-party platform Trustpilot, with an overall rating of 8/10 that’s been achieved with comments such as those from Keila, Danton and Bethany,… Read More

A fist full of dollars
Refinancing a car is the process of having your auto loan paid off and replaced with a new one, usually with a different lender, with new agreed-upon terms. There are various possible outcomes and, in many cases, it’s about saving money or otherwise finding a more affordable loan. Borrowers generally look for a lower monthly payment, reduced interest rate, different loan duration or a combination of these. Let’s look at each in more detail.     3 Potential outcomes of refinancing an auto loan   1. Lower monthly payment A lower payment could result from dropping the interest rate, extending… Read More

Understanding an upside-down car loan and how to get right-side up
What is an upside-down auto loan? An upside-down car loan is a situation where the outstanding loan balance is more than the value of the vehicle. It’s also known as negative equity, or being under water, and will put you at a disadvantage if you want to change vehicles. On the positive side, there are a number of ways to get out of it, from making extra payments to refinancing. But first, let’s look at how an upside-down loan may come about.     How upside-down car loans can occur Common scenarios include: Depreciation – Cars inevitably lose value after… Read More

Average car payment
    Average monthly payments are $525 for new and $378 for used vehicles Rising car prices contribute to higher payments but longer loan terms temper the monthly increase Auto finance calculators will help estimate what may work for you   With a car payment likely to be one of your highest monthly expenses, it’s important to know what you may be able to afford before financing a vehicle for the next several years. Rising car prices make buying a new vehicle more challenging for many consumers and, along with larger loan amounts and rising interest rates, have contributed to the current… Read More

Repossession car loans
  Coming to grips with bad credit* is one of the main effects of car repossession, and while it makes getting another auto loan more of a challenge, don’t be deterred. A car loan after repossession is often an opportunity for a borrower to take back control of their finances, and there are numerous ways to strengthen your hand as you apply for new credit and seek the best deal. These six steps will help.   1. Really know your credit situation Poor credit means the likelihood of higher interest rates than someone with better credit, so fully understanding your… Read More

Auto loans for high mileage vehicles
  RoadLoans finances vehicles with up to 120,000 miles You may be able to get financing for a great quality used car above or below 100K   A well-traveled car is a different proposition these days. Whereas once 100,000 miles was a long-haul benchmark, improvements in technology and reliability mean more cars are now built to go well beyond 200K. That’s good news is you’re in the market for a high-mileage vehicle. There are still some risks to such a purchase – not all sellers will be offering reliable models, for example – but online lender RoadLoans enables its customers… Read More

Celebrating the Champions League and the road to Spain
  My son and daughter are getting to grips with the passing seasons; each with its own character, its own highs and lows. What they’re also discovering is that, for some of us, there’s a different flow – the soccer season. A collection of games, a marathon not a sprint, taking you on a new journey every time. Sometimes where you want to go, other times clearly the wrong way and missing all the signs. The soccer season comes in different shapes and sizes depending on who you follow, it’s true. The MLS is in full swing while the popular… Read More

How a simple interest car loan works, and how to save money on payments
Knowing how simple interest car loans work is a helpful first step when shopping for credit or repaying a loan, and may enable you save. Most auto lenders, such as RoadLoans and parent company Santander Consumer USA, provide simple interest financing, so read on and watch our video to learn more.     To summarize, simple interest loans are made up of two important parts – principal and interest. Principal is the amount financed for the purchase while interest is the charge paid for borrowing that money. With this type of loan, interest is calculated daily on the outstanding principal.… Read More