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Concerning the loan type, terms, interest and rates
What is a simple interest loan?
How is your interest calculated?
If I prepay my auto loan, is there a penalty?
Do I need insurance to get an auto loan?
What terms do you offer (months)? What if I want a shorter term?
Do I have to use the full amount on my auto loan?
What type of auto loans can I get?
How much can I borrow?
Is there a down payment required to get an auto loan?
Are there any hidden fees?
Why you should apply Online For An Auto Loan
What are the benefits of applying for auto loans online?
Who will see my application? How is my privacy protected?
How soon will I know if my application is approved?
Do I have to apply online?
Am I guaranteed the rate I am quoted?
How do online auto loans work?
About Roadloans and Refinancing
Who is RoadLoans?
Is refinancing offered?
Do you offer personal loans?
Can I have a co-borrower on the loan?
What is a simple interest loan?
Simple interest loans require only the payment of interest accrued up to the time the loan is payed off.
(This is in contrast to %quot;pre-computed loans" which charge full interest on the balance even if the loan is paid early.)
Simple interest loans are the more consumer friendly, and are the only type offered by our recommended
lender Roadloans .
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How is your interest calculated?
When money is borrowed, interest is charged for the use of that money for a certain period of time.
When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back.
The amount to interest depends on the interest rate, the amount of money borrowed (principal) and the length of time
that the money is borrowed. The formula for finding simple interest is: Interest = Principal * Rate * Time.
If $100 was borrowed for 2 years at a 10% interest rate, the interest would be $100*10/100*2 = $20.
The total amount that would be due would be $100+$20=$120. Simple interest is generally charged for borrowing money
for short periods of time. Compound interest is similar but the total amount due at the end of each period is
calculated and further interest is charged against both the original principal but also the interest
that was earned during that period. Roadloans auto loans are all simple interest loans,
this means interest is not paid on interest -- there is no "compounding".
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If I prepay my auto loan, is there a penalty?
You can pay off the loan off as soon as you want without a penalty. Also any extra payment applies to the principle.
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Do I need insurance to get an auto loan?
Yes. All cars require liability coverage, and if you're buying from a dealership, collision and comprehensive (with a deductible of $500 or less) is also required.
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What terms do you offer (months)? What if I want a shorter term?
Roadloans always approves you for the longest term possible.
If you wish to pay the loan back sooner, just increase your monthly payments to the lender.
The loan is a simple interest loan and carries no penalty for early payment.
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What type of auto loans can I get?
Auto loan financing is only offered here for the purchase of a new or used car from a franchised dealer in the state you reside.
Roadloans does not offer person to person loans, RV vehicle or motorcycle loans at this time.
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How much can I borrow?
The maximum amount you can borrow will be based on your application, key factors include your current income,
current obligations and your past credit history.
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Is there a down payment required to get an auto loan?
No - there are no down payments required.
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Are there any hidden fees?
There are no fees to apply or fund your loan.
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What are the benefits of applying for auto loans online?
Online application and loan processing makes for interest rates that are substantially lower than the national average.
The application process is fast and free.
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Who will see my application? How is my privacy protected?
All the information you supply is encrypted and secured by the company you apply with.
Your application will only be reviewed by those parties involved in helping you fund your loan, including the lender processing your loan.
For more information, please review our privacy policy.
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How soon will I know if my application is approved?
After submitting your application, you will get a response within 24 hours, often within an hour.
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Do I have to apply online?
Yes, Roadloans currently is not able to accept applications over the phone, by mail, fax or other means.
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Am I guaranteed the rate I am quoted?
Yes. Your rate will be locked in for 30 days. Roadloans may adjust it, however,
if your credit or income situation alters between approval and purchase.
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How do online auto loans work?
Same as a loan from a bank. Your loan draft from RoadLoans and it's just like a bank check. When you complete your transaction with the dealer, you fill out and sign the check draft
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Who is roadloans?
RoadLoans is the direct-lending initiative of Triad Financial Corporation, which is a wholly owned subsidiary of Ford Financial.
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Is Refinancing offered?
Yes. At RoadLoans, we give you the opportunity to lower the payments on your current auto loan.
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Can I get a personal loan?
No - Roadloans only offers auto loans.
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Can I have a co-borrower on the loan?
Yes - in most cases, a additional borrower can be added to a loan.
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