Experience with Roadloans - Very Good
I recently purchased a car to replace a lease ending, while in Chapter 13. I ended up using Roadloans. The whole process of getting the authorization to incur debt, loan approval, and working with dealers very stressful. I wanted to share my experience to help reduce stress for others.
Initially, I used Auto Credit Express, but as others have said, they just make participating dealers aware you are looking for a car and facilitate a meeting. The dealer they referred me to was absolutely horrible. I decided to try Roadloans.
The application and approval process were very fast and convenient. The process is clearly explained on the web site. I wanted to point out some things that are not obvious and offer some recommendations.
1. Get a list of all participating dealers by calling customer support.
With the loan approval, a dealer is recommended. You can change the dealer at any time. The people on the phone were absolutely great.
2. The term can be shortened if you request it.
My loan approval was $17K for a 66 month term. I did not want to spend that much, or finance for that long. The loan amount is the maximum to be financed, but there is a minimum too. I ended up doing $10K over 48 months.
3. Invest in an AutoCheck unlimited subscription ($45/30 days).
The reports are more detailed than Carfax and it's cheaper. Use the list of dealers to visit their web sites to review their inventory. Run AutoCheck reports on every car in your price range. You'll find that some dealers have a pattern in the types of cars they buy/sell, such as may from out-of-state auctions, many with several accidents, or many former rental vehicles. This research helps identify dealers that lack integrity. The dealer recommended by Roadloans for me had several cars with frame/unibody damage.
4. Develop a short list of cars to look at in person.
Run a blue book report. If there is a car at a dealership significantly under blue book value, be suspicious. Use the AutoCheck report to determine how long the dealer has had the car in their inventory. They'll be more flexible for cars they've had for several months.
5. Find "ugly duckling" cars.
When examining cars, look for problems that can be used in negotiation, but are not significant problems, such as worn tires, dents/dings, brake pulsation, interior stains, etc. These also tend to be cars that the dealer has had for a while.
6. Be creative in the negotiation.
I was not able to negotiate a lower price. However, because the car I found needed 2 new tires and had a scratch, I got them to throw in the GM Certified Used program (12 mo./12K miles bumper-bumper warranty). They also absorbed the loan fee.
As you can see from the description, the Roadloans part was very easy and their support was outstanding. The loan paperwork provided by Roadloans is clear and easy to understand. The interest rate is high, but by reducing the amount financed and the term, it is possible to minimize the money spent on interest. The much higher risk lies in finding the right vehicle at a dealer that is fair.
Initially, I used Auto Credit Express, but as others have said, they just make participating dealers aware you are looking for a car and facilitate a meeting. The dealer they referred me to was absolutely horrible. I decided to try Roadloans.
The application and approval process were very fast and convenient. The process is clearly explained on the web site. I wanted to point out some things that are not obvious and offer some recommendations.
1. Get a list of all participating dealers by calling customer support.
With the loan approval, a dealer is recommended. You can change the dealer at any time. The people on the phone were absolutely great.
2. The term can be shortened if you request it.
My loan approval was $17K for a 66 month term. I did not want to spend that much, or finance for that long. The loan amount is the maximum to be financed, but there is a minimum too. I ended up doing $10K over 48 months.
3. Invest in an AutoCheck unlimited subscription ($45/30 days).
The reports are more detailed than Carfax and it's cheaper. Use the list of dealers to visit their web sites to review their inventory. Run AutoCheck reports on every car in your price range. You'll find that some dealers have a pattern in the types of cars they buy/sell, such as may from out-of-state auctions, many with several accidents, or many former rental vehicles. This research helps identify dealers that lack integrity. The dealer recommended by Roadloans for me had several cars with frame/unibody damage.
4. Develop a short list of cars to look at in person.
Run a blue book report. If there is a car at a dealership significantly under blue book value, be suspicious. Use the AutoCheck report to determine how long the dealer has had the car in their inventory. They'll be more flexible for cars they've had for several months.
5. Find "ugly duckling" cars.
When examining cars, look for problems that can be used in negotiation, but are not significant problems, such as worn tires, dents/dings, brake pulsation, interior stains, etc. These also tend to be cars that the dealer has had for a while.
6. Be creative in the negotiation.
I was not able to negotiate a lower price. However, because the car I found needed 2 new tires and had a scratch, I got them to throw in the GM Certified Used program (12 mo./12K miles bumper-bumper warranty). They also absorbed the loan fee.
As you can see from the description, the Roadloans part was very easy and their support was outstanding. The loan paperwork provided by Roadloans is clear and easy to understand. The interest rate is high, but by reducing the amount financed and the term, it is possible to minimize the money spent on interest. The much higher risk lies in finding the right vehicle at a dealer that is fair.
Chapter 13 - 22 months left!
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