Hi,

I got pre-approved from Roadloans to get my new automobile. In short,
the process works like this. You get a packet in the mail the next day
after you've been pre-approved over the phone (or Internet). The packet
includes your check and a brief amount of paperwork to fill-out. The
prerequistes are pretty simple, but I'm concerned that there's a catch
in this somewhere. My main concern is that even though I've been
reassured by Roadloans that I meet all their requirements to be
approved for an auto loan, I won't actually be "APPROVED" until after
I've made a deal with the car dealer and driven the car off the lot
(the car I'm buying is over 3 hours from where I live). It will be
somewhere around 48 hours or more until the paperwork that myself and
the dealer have filled-out will be processed by Roadloans. At which
point, the loan will either be approved or denied.

I've tried to do some research into Roadloans, and I've found almsot
nothing on the web about other consumer's experiences with them. I did
find a website called the Rip-off Report and found about 10 reports
about some pretty horiffic stuff they've done to their clients.
However, when I do a search on a more well-known auto lender like
Capital One Finance, I come up with 400 reports! So, perhaps it's not
as bad as I think. The reports I mainly read about Roadloans consisted
of people having their cars repoed for only being 1 to 15 days late in
payment. A bit extreme in my opinion, but considering Roadloans is
providing financing to people who are considered "high-risk" in terms
of credit, I suppose that's the trade-off one has to make (i.e. DON'T
BE LATE WITH PAYMENTS)

Anyhow, does anyone have any expereience with Roadloans, both good or
bad? I'm just days away from getting my new car after my old one got
totaled (other guy's fault) and I'm just now finding out about these
horror stories about my auto lender (and unfournately, they're really
my last resort because I'm still fixing up some blotches on my credit).

Thanks