CarFinance.com car loans review

First, do I qualify?

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.

What makes CarFinance.com car loans unique?

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.

What types of car loans does CarFinance.com offer?

CarFinance.com offers middle-of-the-road car loans. With this site, you can get:

• Vehicle purchase loans. Your basic term loan that you can use to buy a car from a franchised dealership.
• Auto loan refinancing. Already got a loan? Lower its overall cost by taking out a new loan with more favorable terms to pay it off.

There are however, limits to what type of vehicle you can purchase. Through CarFinance.com, you can only buy:

• A car that is eight years old or newer
• A vehicle with 100,000 miles or less
• An eligible brand vehicle

What are the benefits of getting a car loan from CarFinance.com?

• No fees. There are no application, origination or prepayment fees with this loan.
• Simple application. Its online application is straightforward and easy to follow.
• Fast turnaround. It takes as little as 30 minutes to be approved online.
• Low credit requirements. It’s possible to qualify for a CarFinance.com loan with a score as low as 500.

What to watch out for?

• Limited car and dealership selection. In most states you can only buy a car from franchised dealerships, meaning your options are limited.
• Low transparency. CarFinance.com doesn’t give basic information about loans on its website, making it difficult to know what you’re getting into.
• Difficult to make payments. The top online complaint about CarFinance.com is that it’s difficult to make a payment to the company, no matter how you pay.
• Inconsistent customer service. Its customer service staff appears to be poorly trained and often contradict each other.

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PenFed Auto Loans			Varies	Starting at 1.79%	Up to 10 years	Active membership with PenFed	Low APR car loans from a well-known credit union.	Go to site More Info	Compare	loading Fetching your data...
Carvana			No minimum credit score	3.9% to 27.9%	Varies	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...
car.Loan.com Car Loans			300	Varies by network lender	Varies by lender	Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.	Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.	Go to site More Info	Compare	loading Fetching your data...
CarsDirect auto loans			No minimum credit score	Varies by network lender	Varies by network lender	Must provide proof of income, proof of residence, and proof of insurance.	Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.	Go to site More Info	Compare	loading Fetching your data...
Auto Credit Express Car Loans			300	Varies	Varies	Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.	Get connected with an auto lender near you, even if you have bad credit.	Go to site More Info	Compare	loading Fetching your data...
Monevo Auto Loans			500	3.99% to 35.99%	3 months to 12 years	Credit score of 500+, legal US resident and ages 18+.	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info	Compare	loading Fetching your data...
LendingTree			Good to excellent credit	Starting at 1.99%	Varies by lender	18+ years old, good to excellent credit, US citizen	Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.	Go to site More Info	Compare	loading Fetching your data...
myAutoloan.com Car Loans			550	1.89% to 27%		550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old	Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.	Go to site More Info	Compare	loading Fetching your data...

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CarFinance.com reviews and complaints

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.

How do I apply?

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:

• 1. Go to CarFinance.com and hit Apply Now.

  

• 2. Fill out its five-step application, carefully read the terms and conditions, and submit.

  

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.

What documents do I need to apply?

CarFinance.com asks applicants to provide:

• A driver’s license. It must be up to date with your current information.
• Proof of income or employment. A recent paystub or a W2 form are the most common ways to prove that you have a source of income.
• Proof of residence. Lenders typically ask for a recent utility bill in your name to prove you live where you say you do.
• Personal references. Letters of recommendation from friends, family or anyone else who can vouch for you.

If you want to refinance a car loan, you may be asked to provide your vehicle’s identification number, mileage, registration and title documents.

Bottom line

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.

Frequently asked questions

• I have bad credit; can I still get a better deal by refinancing?

  You might be able to. If your credit score has improved since you originally took out a loan, you could stand to get better rates by refinancing your loan with another lender. However, it’s a bad idea to refinance if your credit score has taken a hit.

• Can I get a loan from CarFinance.com if I’m self-employed?

  Yes, if you meet CarFinance.com’s income requirements.

• My application was declined. Can I find out why?

  Yes. CarFinance.com sends you a statement of reasons why your application was turned down upon request.