Blog > Recent Articles In Financing

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

How to estimate auto insurance
    Estimating your auto insurance is easily overlooked in the car-buying process, yet it’s an important part of your long-term ownership costs. As rates vary according to vehicle, it may affect which car you end up purchasing, too. A little time now will soon give you an idea of what kind of premium you’re looking at for that car, or cars, you’re interested in. And once you’ve decided what coverage you need, websites like The Zebra, recommended by Consumer Reports, will do your comparison-shopping legwork and bring the quotes to you.   Work out how much coverage you need With a… Read More

Preapproved car loans and advantages for shoppers
  When buying a car, ideally you’d pay cash for the vehicle in order to negotiate strongly on price and avoid monthly payments and interest charges. In reality, few of us can do that, so finding the right financing becomes important. But what is the right financing? Preapproved auto loans, recommended by the Consumer Financial Protection Bureau, are a good option in a number of ways, and you can apply with a range of lenders such as banks, credit unions, finance companies and online lenders. If approved, advantages include knowing the terms of your loan and how much you can… Read More

Labor Day car sales
  … and how to save time when you’re there.     With the end of summer near, Labor Day marks a time of change, and, for car buyers, that presents one of the best times of year to shop. Many 2019-model-year cars are arriving at dealerships, which makes it a good weekend to check out the latest vehicles. It also means dealers are looking to move 2018 models to make space for them, and that spells great deals and discounts. With dealerships across the country offering sales events for limited periods, expect them to be busier than normal over… Read More

What RoadLoans’ place within one of the world’s largest banks means for our customers
  When choosing a lender for a major purchase such as a car, besides finding the right loan terms, you’ll probably want a company that offers a smooth, easy process, and is one you can trust. RoadLoans ticks each of these important boxes for customers and part of the reason is that we’re an established, forward-thinking lender, and a part of one of the largest banking groups in the world. We’re the online, direct-lending platform of Dallas-based auto lender Santander Consumer USA (SC), which in turn is under the umbrella of Spain’s Banco Santander, the world’s 16th largest bank by… Read More

Getting a car loan with bad credit may be easier than you think
  You might think getting a car loan with bad credit* is a long and difficult journey. Poor credit can cause some bumps in the road but it’s still possible for many people in this situation to get auto financing that won’t break the bank.† Here are five easy-to-remember tips that may help you qualify for a loan.   5 Simple tips for getting a car loan with bad credit Be realistic about what vehicle you can afford and what a lender may be willing to finance. Consider a used car rather than a new one, and an older model… Read More

How much should a down payment on a car be?
  A down payment on a car will be a requirement from the lender in many cases, and can also offer the borrower significant benefits, so deciding what you may be able to pay up front is time well spent. Twenty percent has long been recommended for new-car purchases, largely to offset depreciation. As new cars depreciate by a fifth in their first year, covering this amount with a down payment helps prevent becoming upside down, when the borrower owes more than the value of the vehicle. Negative equity can lead to a number of problems. For example, if your… Read More