Find the right auto financing for your needs
Buying a car is one of life’s special moments – the little celebration dance says it all. And, for many buyers, getting the go ahead on a new or used car loan is the spark that makes it possible.
When you’re looking for that financing, there are two main avenues to pursue: indirect lenders, such as auto dealerships, and direct lenders, like RoadLoans, where qualified buyers can get approved before shopping for a vehicle.
Getting preapproved for new and used car loans comes with some big advantages and it’s the approach recommended by the Consumer Financial Protection Bureau. Shopping around for preapproval may save you time, money and effort, as well as ease stress at the dealership.
“Preapprovals allow you to compare rates without the time pressure you may feel once you are at the dealership,” says the bureau. “Then, at the dealership, you can focus more attention on items like your trade-in or auto choice.”
As an online platform, RoadLoans makes the new and used auto financing process simple. Our short, secure application enables you to apply in minutes and receive an instant decision. Read on for more useful information about applying for a car loan.
Run the numbers
Before you apply, use our auto finance calculators to see what an affordable loan may look like. The affordability and loan calculators allow consumers to estimate what they could spend on a new or used car in total, and as a monthly payment.
Check your credit reports
Consider checking your credit reports, too. Credit score, which is an indicator of someone’s creditworthiness, is based in part upon the information contained in their credit reports. It’s a good idea to check those reports for any errors that might limit your access to financing. “Usually a higher score makes it easier to qualify for a loan and may result in a better interest rate,” says the CFPB.
What if you have bad credit?*
You can still apply for a car loan if you have bad credit. RoadLoans accepts applications from consumers with a broad range of credit profiles, including those who have no credit history or a discharged bankruptcy on file. Our application process enables you to apply for a joint auto loan, too. Teaming with a creditworthy co-applicant may help you qualify and, if approved, improve your interest rate.
However, when you have poor credit, be realistic in your expectations. You may be looking at financing for a preowned car rather than a new one and, on approval, receive a higher rate than someone with better credit.
New and used car loan rates
At RoadLoans, we offer competitive new and used auto loan rates to qualified buyers. Approved applicants receive multiple offers tailored to their unique car-buying needs as part of our flexible approach to financing.
Find and finance a car with RoadLoans
We want to make your new or used car-buying journey a true pleasure. Our online process is fast, efficient and offers several benefits.
- You can apply for a car loan from home, work or your mobile device and receive a decision in seconds.
- Qualified buyers get preapproved and know exactly the terms for which they can purchase a vehicle before they shop.
- If approved, download and print the loan documents, review the details and take them with you to a RoadLoans preferred dealer listed inside. Approvals are valid for 30 days and there’s no obligation to activate the loan offer.
- As you step into the showroom, shop with the confidence of a cash buyer thanks to your preapproved loan voucher.
- Once you’ve selected your vehicle and settled the price, the dealer will work with us to finalize the financing.
- Our knowledgeable loan specialists are ready to help if you have any questions about the application or financing process. Call (888) 276-7202 or use the online chat service.
Apply for New and Used Car Loans Online.
It’s free, takes just a few minutes and you’ll get an instant decision.
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* “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), Bankrate.com, Credit.com, Investopedia, NerdWallet.com 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 RoadLoans.com and Santander Consumer USA.