Blog > Recent Articles In Financing

Driver behind the wheel thanks to special financing
  Special financing is a term often used to describe auto loans for consumers with bad credit,* which can include people who have been through bankruptcy or repossession, and those with limited credit histories. There are plenty of companies in the auto finance industry willing to accept applications for subprime loans, so if your credit is poor, there may be a lender ready to offer you the financing that helps you get on the road. First of all, keep in mind auto loans for people in bad credit situations typically come with higher annual percentage rates than those offered to consumers with better credit, which… Read More

Potential dollar savings from lowering APR
6 tips for getting a low rate and boosting your chances to save     Lowering the annual percentage rate of an auto loan is one of the best ways to save on vehicle financing and the total cost of buying a car. Take a look at the following approaches to see what may work best for you.   1. Check your credit reports and build credit Whether you want to save cash on financing for your existing car or get a low interest rate and APR to buy your next one, checking your credit position and building credit may… Read More

Buying a car out of state
    Buying a car out of state can be a good way to get hold of a model that’s thin on the ground in your area, or to pick up a bargain, but be prepared for some extra steps as you go about making a purchase. Principally, you’ll need to title and register the vehicle in your home state, pay your sales tax there, and check with your state’s department of motor vehicles before you buy for other requirements including emission standards and safety inspections. You’ll also want to plan ahead to ensure the vehicle meets your own needs,… Read More

Car insurance and GAP insurance payouts
GAP insurance is not for everyone, but if you’re financing a car, it could make all the difference. Guaranteed asset protection, to use its full name, is an optional product that protects your finances in the event your car is stolen or totaled in an accident. While car insurance will cover the market value of a vehicle, if you owe more than that on your loan, GAP insurance steps in to cover the rest and save you from delving into your own pockets.     Situations where GAP insurance is helpful Cars, as you may have heard, are depreciating assets… Read More

Credit scores run across a numerical range
  On a car-financing journey that naturally travels through a range of numbers, your credit score is a good one to start off with. Based upon your credit behavior compiled in your credit history report, it sums up in three digits your credit health, which gives you some insight on how likely you are to get financing and, if approved, how favorable those terms may be. The higher the number, the better your credit and, usually, the stronger your position. Consumers actually have more than one credit score because there are a number of credit scoring sources and models, and… 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

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

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

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