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finder.com’s rating: 3.0 / 5.0
★★★★★
Driving away in a new car doesn’t have to be unattainable because you have bad credit. CarFinance.com offers quick online financing without the hassle and credit requirements of a bank. Getting a loan is the easy part — what happens after is what you need to look out for.
$7,500
Min. Loan Amount
$45,000
Max. Loan Amount
4.99% to 20%
APR
| Product Name | CarFinance.com Car Loans |
|---|---|
| Min. Loan Amount | $7,500 |
| Max. Loan Amount | $45,000 |
| APR | 4.99% to 20% |
| Interest Rate Type | Fixed |
| Requirements | Age 18 years or older, credit score 500+, to refinance loan car must have less than 100,000 miles, no more than eight years old and loan balance must be $7,500+ |
To qualify for a loan with CarFinance.com, you must be over 18 years old and have a credit score of 500 or higher.
If you want to refinance your current car loan, your car needs to have less than 100,000 miles, no more than eight years old and your loan balance must be $7,500 or more.
CarFinance.com loans aren’t available to residents of Minnesota, North Dakota, Nevada or Oregon.
Although CarFinance.com is an online lender, it issues its loans as Funding Certificates that you use like cash at the dealership. The whole process is quick, easy to understand and doesn’t have high credit requirements — though you’ll need good credit to qualify for the best rates.
CarFinance.com offers middle-of-the-road car loans. With this site, you can get:
There are however, limits to what type of vehicle you can purchase. Through CarFinance.com, you can only buy:
You’re restricted from using your loan to purchase electric cars, super-duty or heavy-duty trucks and motorcycles.
CarFinance.com doesn’t have the best online reputation. It’s not accredited with the Better Business Bureau, but it gets an A+ rating based on customer reviews on its site — even though 90% are negative. Most complaints concern difficulties making payments and customer service that gives consumers conflicting information. It has no reviews on Trustpilot.
Once you’ve determined you’re eligible, go over your finances against a down payment, monthly payments, and potential car-related maintenance like gas, insurance and tuneups.
When you’re ready to apply, follow these steps to apply:
You should receive a confirmation email after you submit your application and another once you’re either approved or declined. This typically takes about half an hour during regular business hours. Once approved, CarFinance.com verifies your information and issues a Funding Certificate to take to a dealership to purchase a car.
CarFinance.com asks applicants to provide:
If you want to refinance a car loan, you may be asked to provide your vehicle’s identification number, mileage, registration and title documents.
Stay on top of your payments — and don’t wait until the last minute. Multiple borrowers report issues with payments, sometimes resulting in damaged credit or harassing phone calls. Find a method that works and stick to it. And if you run into any trouble, call them at 888-227-9555 during business hours or shoot them an email at loanhelp@carfinance.com to resolve the problem directly.
CarFinance.com loans could be a solution for borrowers struggling to get a loan with bad credit. With an easy application, it could benefit inexperienced borrowers. However, with a negative online reputation you may want to look at other lenders. Before deciding on any one lender, make sure to compare all of your car loan options to find the best fit for you.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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