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How to get a second chance on an auto loan

Car parked beside road
  Getting declined for an auto loan can be frustrating but doesn’t have to stop you in your tracks. Often, a rejection decision results from bad credit,* yet there are many lenders who will loan to people with poor credit scores, so it makes sense to look for a second chance. A lender like RoadLoans, for example, accepts applications from consumers with a wide range of credit and has years of experience helping customers move forward in the vehicles they want. Here’s how to go about getting that second chance at an auto loan.   Check your credit report There… Read More
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Category: Bad Credit, Financing

How to use your tax refund for a car purchase

Tax refund for car purchase infographic
If you’re in the market for a new vehicle then you should know something about tax season: tax refunds and car loans are a good match.* That’s because refunds, which have averaged around $3,000 in recent years, can provide many approved buyers with a ready-made down payment on their next ride, or at least a useful chunk of it. In turn, that money down may drop their monthly payment and provide useful savings on interest charges. Take a look at the following infographic to see how a tax refund may be used to get a new or used vehicle in six straightforward… Read More
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Category: Financing

How much should a down payment on a car be?

  • 20 percent for new and 10 percent for used vehicles recommended • Smaller down payments still offer advantages   Whatever you can afford as a down payment on a car will stand you in good stead, but the general view is that you should aim for 20 percent, or at least 10 percent if buying a used vehicle. One of the main reasons for these figures is to offset the depreciation in a car’s value that inevitably follows a purchase. A down payment offers other advantages, too, including improving the chance of loan approval, a lower APR and… Read More
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Category: Bad Credit, Financing

6 ways to improve your credit score before buying a car

Man using laptop to improve credit score
  If you’re relying upon a loan to purchase your next vehicle, you may want to improve your credit score before you apply. Credit score is normally a leading factor for lenders weighing your application and, if approved, it will also affect the terms of the loan offered. Amount financed and APR, for example. In that light, a cared-for score could make the difference between a new set of wheels or no wheels at all, and potentially save you thousands of dollars on finance costs. Here are six ways to get credit savvy and move your score higher.*   1.… Read More
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Category: Bad Credit, Financing

Our most-read blog posts of 2019

Toyota Sequoia on racetrack
The RoadLoans blog provides articles on a range of topics. Auto finance, for sure, but also the wider car-buying experience, vehicle ownership and interests. The most-read blog posts of 2019 reflect that spectrum, albeit with a bias towards financing, from the longest-running vehicles to the basics of refinance. As the year enters our rearview mirror, here are the top 10 posts to date.     Longest-lasting vehicles: SUVs are way ahead Some vehicles just don’t like to quit – especially big SUVs. See the models and brands most likely to take you past 200,000 miles, as recorded by iSeeCars.com.  … Read More
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Category: Bad Credit, Car and Driver Tips, Financing, RoadLoans News

Financing for first-time car buyers with no credit

Financing for first-time car buyers with no credit history
  You can still apply for a loan without an established credit history Down payment, co-applicant among ways to boost your application RoadLoans offers a quick and easy process for newcomers to financing   As a first-time car buyer with no credit or bad credit,* you might feel up against it. That’s understandable. Consumers with long and strong credit histories generally stand a better chance of getting financing from an auto lender, and may enjoy better terms and a greater choice of vehicles. But take heart. Many lenders are set up to work with first-time buyers, and guess what? Many… Read More
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Category: Bad Credit, Financing

How to shop for a car through the holiday season

Holiday season car price tags
  Car buyers rejoice. Black Friday kicks off a season of holiday sales events that create one of the best times of year to shop. From the day after Thanksgiving through New Year, deals abound as automakers offer deep discounts on outgoing year models, dealerships make their own reductions, and both look to finish year-end sales on a high. Despite the abundance, it’s a good idea to plan your purchase so you can take full advantage. That way, you’re better placed to maximize the potential savings and make a smart choice for the seasons ahead. Here are six steps to… Read More
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Category: Car and Driver Tips, Financing

How to get out of an upside-down car loan

Vehicle with an upside-down car loan
  Being upside down on a car loan, when you owe more than the vehicle is worth, is a common problem for vehicle owners. On the downside, it’s easy to get caught out by one or more of the following: rapid depreciation in your car’s value; a small down payment; too long of a loan; a rollover loan; overpaying for the car, or add-ons bumping up the price. On the upside, there are several ways back to positive equity. Consider these options to reach a firmer financial footing.   Add to your monthly payments One solution to an underwater loan… Read More
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Category: Financing

Do guaranteed auto loans exist?

Do guaranteed auto loans exist?
  You may have seen advertising for “guaranteed auto loans” and “guaranteed auto loan dealerships” while shopping for car financing, especially if you have poor credit.* It sounds appealing, but you might want to ask yourself how a company can offer a guarantee without knowing your individual credit and financial situation, or what type of vehicle you want to buy. At RoadLoans, we don’t claim to offer guaranteed auto loans, but we can give you some tips on how likely you may be to get approved and, if so, what kind of interest rate you will get. You may also… Read More
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Category: Bad Credit, Financing

Does RoadLoans do a hard credit inquiry?

Man applying for car loan on laptop
  When you apply for a car loan with RoadLoans you are applying for preapproval, which involves what’s known as a hard credit inquiry. That means we’ll request a copy of your credit report to help us fully assess your application and give you a decision on a loan. If you get the green light, you’re then in an excellent position to go shop for a car – you’ll know your approved loan terms, including the amount, APR, monthly payment and duration, before even getting to the dealership. That’s a huge plus, enabling you to focus on vehicle choice, save… Read More
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Category: Financing, RoadLoans News