- Report: #1185938
Complaint Review: Roadloans - Internet
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Roadloans
Internet, USA
Web:
Roadloans.com
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Roadloans Santander Car loans Internet
Here's a good rule to go by. If it seems too good to be true, well then it probably is. My husband and I were approved for a pretty hefty auto loan (around 30k) with a pretty hefty interest (17.5%). But hey. We expected a high interest rate. Our credit is bad. But our loan was for zero down. Which is perfect. We got approved an went to our local in network dealership. Who first looked at the approval and sent us on our way. A few days later the dealership called us back informing us of our approval. Ok. This time I called customer service. Which by the way.. Sounded like the lady on the line was in a car or somewhere with heavy wind. But was very polite. She confirmed that the loan was an actual approval. We had to have a car 2005 or newer. Under 60,000 miles in order to get a loan for 72 months. Or, if the car was over 60,000, it would shorten the loan term. Seems fair. We even used roadloans payment calculator. Fast forward to the next day. We go to the dealership. They spend an hour on the phone with roadloans. The ONLY way we could get approved would be for a rand spankin new car. Approved for zero down. That is. Why? Per roadloans policy, the dealer must agree to sell a car for 80% of it's value. And roadloans still has to approve the car! So there is very little freedom of choice. So the dealer found a $20k car and marked it down to 17k. Ok with that interest rate. The payments would be out the roof. And even if we put $2000 down it wouldn't have made the payment much lower. From my understanding. They charge pretty high fees to the dealership too. I think roadloans would be good if you found the perfect car. Under the perfect circumstances. But basically. The dealership has to agree to cut off 20% of the price, pay a high dealer fee... It's crazy. But it is very deceptive. The website makes it seem so straight forward. No down. Set interest rate. And loan amount must be at least $6500. In my opinion. Is rather just save the headache. Save some cash. And buy a car flat out. Or if you're like us with bad credit. Try to fix the credit situation before applying for a loan. Chances are, you might come out a lot better.
