The following post originally appeared on our RoadLoans blog, The Open Road.
Last month, a borrower named Ronald S. was searching for an auto loan that would allow him to refinance and improve his financial situation.
He was paying off an auto loan with a 23 percent APR, a rate he hoped he could reduce.
He conceded that his credit rating wasn’t stellar, so he was looking for a lender that would give him a second chance, permitting him to change the cost of his expensive auto loan and improve his circumstances. Then he came upon RoadLoans, which advertised Auto Loans Made Easy and thought he should give the lender a try.
“I did a refinance to lower the interest rate on my car loan from 23 percent to 17 percent,” Ronald wrote afterward. If he was refinancing the average used car of $15,000 over a 60-month term, that percentage difference would translate to an improvement in his monthly loan payment to about $373 from nearly $423. That’s about $50 a month, or $600 a year back in his pocket. And it translates to $3,000 over the life of the loan – about 5 years – refinanced through RoadLoans.
“Within a week the loan was funded,” the enthusiastic borrower wrote of RoadLoans.
But he is just one of many borrowers who enjoyed a good experience with the online, direct lender, many of whom write to tell RoadLoans their stories of renewal.
“We purchased a 2011 Hyundai Elantra in 2010,” wrote Brittany W., another borrower with a bumpy credit background. “We had negative equity and the payments were $507 a month. Our credit wasn’t the best, but RoadLoans.com was able to reduce our payment by $100 every month.” That translates to $1,200 a year and “the application process was extremely easy and straightforward.”
“They had our new loan processed within the week,” she wrote. “We appreciate the simplicity of this refinance, not to mention the money savings every month.”
You might think that results such as these come with strings attached – a complicated process.
But “it was very easy to be approved, even with serious credit issues in my past,” wrote Dana S. “Second, [RoadLoans was] very helpful – the online chat representative answered almost all of my questions before I started searching for a vehicle.
“Once I had questions at the dealership, I contacted a [RoadLoans] representative through the 888 number who was extremely friendly and definitely was there to help me,” Dana wrote. “Lastly, everything was streamlined when dealing with CarMax, who has extensive knowledge in dealing with RoadLoans.com. It was a very easy process overall.”
So when RoadLoans says Auto Loans Made Easy, the lender means it: Easy to apply, easy to get approved, easy to make the loan payments without wrecking the family budget.
Just ask Ronald, Brittany, Dana and others you can find under the “Reviews” tab at RoadLoans.com.