Save time searching for bad-credit, no-credit and bankruptcy car loans with this online provider — but watch out for high rates.
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Living without a car is not an option in most of the United States. You might be able to hop on a subway or bus to get to work in metropolitan New York or Chicago, but you’re in a real bind in smaller cities.
What happens if you need to get a car but have bad credit — or no credit? How about if your credit history includes a bankruptcy? In these situations, finding a legitimate lender on your own can be time-consuming and downright frustrating.
We take a look at car.Loan.com, an online lender connection service that takes on some of the heavy lifting to help you find the best deal you can get — within their network of lenders and dealers, that is.
|Product Name||car.Loan.com Car Loans|
|Min Loan Amount||Varies by lender|
|Max. Loan Amount||Varies by lender|
|APR||Varies by lender|
|Requirements||Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.|
- At least 18 years old.
- A US citizen with a current US address.
- A full-time employee or have a guaranteed fixed income.
First, do I qualify?
This provider is not a lender, which means that eligibility requirements will vary by the lenders you’re ultimately connected with. In general, you’ll likely to need to be:
- At least 18 years old
- A US citizen with a current US address
- A full-time employee or have a guaranteed fixed income
What makes car.Loan.com unique?
As a free online service that connects bad-credit, no-credit and bankruptcy borrowers with lenders and car dealers, you won’t get a loan directly from car.Loan.com. But it could save time spent combing through subprime lenders — and may even introduce you to options you didn’t know you even had.
Free for you doesn’t mean that car.Loan.com doesn’t turn a profit. Dealers and lenders pay a fee to be included in its network — meaning that you won’t necessarily get the best deal out there, just the best deal that its network offers.
How can I find out if I have bad credit?
What types of car loans can I get?
This connection service primarily deals with “buy here, pay here” loans. Instead of taking out a loan with a traditional lender, you get your loan directly from a car dealer you’re connected with. Everything is drawn up and signed right there on the lot — and they won’t check your credit.
Typically you’ll meet with the dealer to go over your finances before looking at cars in your price range. While it sounds ideal, you risk ending up with high interest rates and short repayment terms that could get you caught up in a cycle of debt if you miss any payments.
What are the benefits of using car.Loan.com?
- No credit OK. You don’t need a credit score or any credit history at all to get a loan with car.Loan.com. If you have bad credit, that’s okay too.
- Free connection service. The only fees you’ll pay are those your lender charges.
- No mileage restrictions. Most lenders and loan-connection services don’t let you buy a car with more than a certain amount of miles on it, but car.Loans.com doesn’t
What are the drawbacks to consider?
- Limited information online. Details about its loan types, eligibility requirements and other elements you’ll likely want to know are difficult to find on car.Loan.com — or online in general.
- Limited customer support. Your only means of contacting car.Loan.com before you apply is a brief online customer service contact form. And you’re out of luck if your inquiry is more than 250 characters — which is likely, given the barebones nature of its website.
- High interest rates and fees. Expensive loans aren’t unique to car.Loan.com. They claim you’ll get an APR of up to 25%, but your exact rate is not guaranteed until you’re approved.
What does the Internet say about car.Loans.com?
Almost nothing — not a good sign. car.Loans.com doesn’t have a Better Business Bureau (BBB) page, but its parent company Internet Brands Inc. does. It’s not BBB-accredited and has no rating. The page has two reviews, both of which are negative and six customer complaints filed against it.
One customer said that the cost of services they agreed to pay for increased without being allowed to opt out. Another accused Internet Brands of trying to pressure other companies into setting up an account.
Neither car.Loans.com nor Internet Brands Inc. has a Trustpilot page. It also has no mentions on Reddit as of date. None of this looks very good.
Is it safe to use car.Loan.com?
Relatively. As a connection site, it shares your personal information with its affiliates — that’s how these businesses work — but only with your consent. You don’t have much control over which companies get your information, however, which might make some people uncomfortable.
Information you enter on the site is protected by standard SSL encryption, which scrambles data — making it difficult to intercept.
How do I apply?
Once you’ve confirmed you meet the eligibility criteria above, you can follow these simple septs to apply:
- Click the Go to site button on this page to be directed to car.Loan.com’s website and then click Get Started.
- Enter your personal, residential and employment information on the application form.
- Click Submit to complete your no obligation application.
Applying with a coapplicant
With car.Loan.com, you can add a co-buyer when submitting your information. If your income is less than $1,500 per month, applying with a coapplicant could help your chances of approval or give you more purchase options.
What documents do I need to apply?
The documents you need depend on the lender you ultimately go with, though you’ll generally submit your:
- Government-issued ID. You’ll need to prove you’re a US citizen with your passport, driver’s license or other accepted ID.
- Proof or residence. Lenders typically ask for a working phone number or recent utility bill addressed to you at your current residence.
- Proof of employment. You won’t be able to get a loan if you don’t appear to have the means to pay it back. Lenders often ask for pay stubs or W2 forms.
What happens after I apply?
After you submit your application, you should hear back from a customer service representative within 24 hours.
You’ll meet with the finance manager to choose a car dealership near you that offers buy here, pay here loans, where you’ll discuss loan terms and pick out a car. Carefully read the fine print and accept your contract to be on your way.
Depending on your application details, you may be contacted by up to five direct lenders as well.
I got an auto loan from car.Loan.com. Now what?
To set yourself up for success after receiving your loan, you could set up automatic payments. Avoid late fees by signing up for automatic withdrawals from your bank account. Just make sure to select an account that won’t be short on funds when your loan is due.
When needed, contact your lender. If you’re concerned about making your payment on time, you should contact your lender immediately. They may be willing to work with you on adjustments for repayment.
I didn’t get connected to a lender. What do I do?
If you didn’t get connected to a lender, it doesn’t mean that there are no lenders in your area that you can qualify for. It means that you don’t qualify for any of car.Loan.com’s affiliates. Try applying on other car loan connection sites or check out direct lenders to see if you can find one that works better for you.
It also couldn’t hurt to make your application more appealing. This includes taking steps to improve you credit score or debt-to-income ratio by paying off some debts. You might want to start by checking your credit report to make sure there are no mistakes that could be affecting your score.
If you have poor credit, car.Loan.com could save you valuable time — and the headache of researching lenders on your own. But keep in mind that the rates and terms you’re ultimately offered depend greatly on the lenders in car.Loan.com’s network.
Consider comparing other options you may be eligible for before settling on any loan.