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CarFinance.com car loans review

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You don’t need great credit to borrow with this direct online lender

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.


Min. Loan Amount


Max. Loan Amount

4.99% to 20%



Product NameCarFinance.com Car Loans
Min. Loan Amount$7,500
Max. Loan Amount$45,000
APR4.99% to 20%
Interest Rate TypeFixed
RequirementsAge 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+

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

Ineligible brands

CarFinance.com won’t cover loans for:
  • Aston Martin
  • Alfa Romeo
  • Ferrari
  • Bentley
  • Isuzu
  • Hummer
  • Lamborghini
  • Maserati
  • Lotus
  • McLaren
  • Maybach
  • Mercury
  • Pontiac
  • Oldsmobile
  • Rolls Royce
  • Smart
  • Saturn
  • Saab
  • Suzuki
  • Tesla

You’re restricted from using your loan to purchase electric cars, super-duty or heavy-duty trucks and motorcycles.

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.

Compare more car loan providers

Updated October 19th, 2019
Name Product Filter Values Minimum credit score Loan term Requirements
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.
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
Varies by lender
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.
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
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.

Compare up to 4 providers

What does the internet say about CarFinance.com?

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:

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.

I got a car loan from CarFinance.com. Now what?

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.

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

Loan ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate loan providers.

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