We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
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.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
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:
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 December 16th, 2019
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 firstname.lastname@example.org 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.
Frequently asked questions
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.
Yes, if you meet CarFinance.com’s income requirements.
Yes. CarFinance.com sends you a statement of reasons why your application was turned down upon request.
★★★★★ — Excellent
★★★★★ — 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.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.