Frequently asked questions on auto loans at

auto loansWe at RoadLoans and Santander Consumer USA Inc. answer thousands of questions every month from consumers who are seeking used- or new-car auto loans.

Many frequently asked questions on auto loans have to do with down payments, loan amounts and interest rates.

We asked Scott Rundle, vice president of direct originations for RoadLoans, to help answer some of the questions most often posed to the sales support team by prospective car buyers who call us seeking information on auto loans through direct-to-consumer financing – that is, RoadLoans.

Following are some of those frequently asked questions about auto loans and Rundle’s responses:

– If I finance less, will my down payment be lower?

The down payment will remain the same regardless of how much a customer finances. But it will lower the monthly payment if the customer finances less. The preferred dealer, provided by RoadLoans as part of a loan package, may be able to offer other financing options.

– Can I get the approval amount increased?

We try to approve all customers for the maximum amount of financing available. If there is additional income, or the customer has a cosigner, it may be possible to increase the loan amount.

After selecting a vehicle at the dealership, please have the dealer call us directly with the vehicle information and the loan structure; we may be able to increase the loan amount depending on the deal.  A RoadLoans preferred dealer may be able to offer additional financing options.

– Can I get a lower interest rate? 

The interest rate is based on a customer’s overall credit portfolio, so we have given the best rate we can offer at the time.  Still, the preferred dealer may be able to offer additional financing options.

– Can you send me a list of dealerships?

We provide customers with the name of the closest preferred dealership in our network.  We are confident the preferred dealer will be able to provide the best customer experience. The customer still has the option of shopping at another franchised dealership.

– Can I shop for my car at any dealership? 

We prefer customers shop at a dealer within our preferred network.  We have a good working relationship with those dealers and know they will work with our customers to get them the best deal possible.  The customer still has the option of shopping at another franchised dealership.

– If I pay more down, will the APR go down?

The rate offered is the best we were able to extend based on the credit criteria. By placing more down we are not able to lower the rate, but the customer would increase equity lowering his/her amount financed and overall payment. Please have the dealership call in to structure the loan.

– Do you finance people with bad credit?*

We attempt to accommodate customers with all levels of credit.

The answers to more frequently asked questions are available online in the “Resources” section under FAQs at, or by calling RoadLoans at 1-888-276-7202.


* “Bad” or “Poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press),,, Investopedia, and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by and Santander Consumer USA.

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