Blog > Recent Articles In Financing

How to buy a car with RoadLoans during Coronavirus
  The spread of Coronavirus (COVID-19) has restricted mobility for most of us, yet many people still need a car to perform the essentials. If you’re in the market for a vehicle, the good news is that there are dealerships still open for business and, for our part, RoadLoans remains ready to accept applications for credit. This is how our process works, along with tips for shopping and the benefits of online services during this time of social distancing.   Applying for a loan As a full-spectrum lender, RoadLoans has experience working with customers with a wide range of credit,… Read More

Pros and cons of ‘buy here, pay here’ dealerships
  Some dealers claim “we finance anyone,” but it may come at a price Other options include applying for approval before you shop   What are “buy here, pay here” dealerships? “Buy here, pay here” dealerships not only sell cars but effectively act as the bank, too, by providing in-house financing, typically for buyers with bad credit.* Interest rates can be higher than other lending options and customers make car payments directly to the dealership. They’re different from traditional dealerships that request financing from prospective lenders, with customers generally making payments to a third party.†   Pros of “buy here,… Read More

how do auto loans work?
    Buying a car is one of the largest purchases you can make in life, which means researching the right model is usually top priority. While that’s important, so too is understanding the financing. Knowing how auto loans work will help you to find credit that offers best value for your needs. Auto loan arrangement An auto loan involves borrowing money from a lender that provides funds to pay for a vehicle up front. The borrower repays the debt in monthly installments, including interest, according to the agreed terms. Factors that affect an auto loan Three main factors affect… Read More

Family traveling in car paid off early
    Think what you might do with no auto payments in your budget. Take more vacations, enjoy more evenings out or build up a savings pot for the future, perhaps. Whatever it is, pay off your car early and not only is that debt behind you, but you may have made a decent saving in interest charges, too.* There are several common approaches to paying off a vehicle early, which center on the following: more frequent payments regular extra payments an occasional large payment a combination of the above options refinancing Start by getting familiar with the details of… Read More

Pros and cons of buying a used car list
More than twice as many car buyers opt for a used vehicle over a new one, but is that the right choice for you? While lower used-car prices are a key factor for most consumers, there’s more to consider as you come to a decision.     Pros of buying used Lower prices Used-car buyers can take advantage of rapid depreciation in the value of new cars to the tune of 20 percent in the first year and about 40 percent after three years. Lower average prices for preowned vehicles also provide a better chance of being able to pay… Read More

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

Man and woman co-borrowers looking into new car
  If you plan to share a vehicle, or you’d like to maximize your chances of approval and a larger loan amount, applying for a car loan with a co-borrower could be the right choice for you. A co-borrower is part of a joint auto loan in which each party has equal rights to the use and ownership of the vehicle, and responsibilities for the loan. As such, the details of both borrowers are required on the financing application, and will be included on the car’s title. So how does a co-applicant actually help your application? Lenders will take a range… Read More

Couple in convertible car purchased with finance
  Find a loan that runs as sweetly as your new car There are plenty of car loan options out there, and many of them may be suited to you. Knowing where to look, however, is the starting point that makes it much more likely you’ll end up with the right one. This overview outlines the main avenues you can pursue as you seek approval for new or used auto financing.   Traditional dealerships Getting your financing through a dealership is a common approach as it allows you to buy a car and arrange credit at the same time. The… Read More

Man and woman traveling in car
  Financing is a central part of most car purchases, and the terms of the loan can have a strong bearing on how you feel about the overall buying experience. Understanding the factors involved will enable you to plan for your application and confidently consider any offers you receive. Here are five important points to know about.   1. Credit score Your credit score is based on the credit history contained in your credit reports, and sums up how creditworthy you are. It’s a key reference for lenders in determining how much money they may be willing to lend and… Read More

Car lifted by dollars to clouds
  To a large degree, your credit score reflects how well you repay your debt, so timely payments on a car loan can be an effective way to build your score.* Other things affect your credit standing, too, such as how long you’ve been using credit products, but paying off an auto loan over a period of years demonstrates to a credit reporting agency that you’re a good, or better, lending risk. That has significant potential benefits for the future because next time you need to borrow, whether for a car loan, mortgage or credit card, you’ll likely have an… Read More