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MaxCarLoan makes it easy to compare new and used car loans from multiple lenders — even if you have less than stellar credit. But its website isn’t the most transparent, and there’s no way to get in touch with its customer service team if you have any questions during the process.
15% to 25%
APR
APR | 15% to 25% |
---|---|
Interest Rate Type | Fixed |
Requirements | Regular source of income, US citizen or permanent resident, ages 18+ |
MaxCarLoan lists no specific eligibility criteria. However, you generally need to:
The lender you’re connected with may have other requirements for you and your car, so check before you submit an application.
MaxCarLoan has lenders that operate in all 50 states.
Unlike some car loan connection services, MaxCarLoan works with both lenders and dealerships to find you a good deal — no matter your credit history. While this widens your pool of loan options, if you’re connected with a specific dealership, you’re limited to buying your car from it. However, some dealers may be willing to work with other local dealerships to find a car that meets your needs.
You can finance a new or used car through MaxCarLoan’s network, but the exact amount you qualify for will depend on the lender you’re connected with.
Here’s how the two types of loans break down:
Lenders in MaxCarLoan’s network offer APRs from 15% to 25%. While this isn’t the lowest set of rates out there, it is about on par for subprime car loans. You may want to check out your other options to make sure you’re getting the best deal.
MaxCarLoan may not be a direct lender, but there are a few perks to using its connection service:
From its minimal online reviews to its lack of contact information, here are a few drawbacks to consider before using MaxCarLoan:
There’s very little info out there on MaxCarLoan as of October 2020. In fact, it doesn’t even have a Better Business Bureau or Trustpilot page. While this can happen with connection services, it means you won’t know exactly what you’re getting into when using this service until after you fill out its online form.
Instead, you might want to take a look at the online reviews for whatever lender you’re connected with. This will give you insight into former borrowers’ experiences applying for a loan, making repayments and working with customer service.
MaxCarLoan has a simple two-page online form that should only take a few minutes to fill out. Follow these steps to get started:
It may take up to five minutes for MaxCarLoan to verify your information and connect you with a potential auto lender.
You don’t need any documents to fill out MaxCarLoan’s online form.
MaxCarLoan will redirect you to its partner lender’s website to complete the application process. Your lender will then confirm your identity and ability to repay the loan. At this point, they may ask you to provide additional documentation like proof of income and insurance.
If approved, you’ll be sent a final loan agreement to sign before purchasing your car. Keep in mind that all lenders have different rates and terms. Go over your contract carefully and check for prepayment penalties or other fees you might be charged to make sure you understand the full cost of the loan.
MaxCarLoan can be a convenient way to compare multiple car loan providers at once. And since its network of lenders work with all credit types, you may still be connected even if you don’t have a perfect credit score.
However, it’s not the most upfront connection service out there. And there’s no way to get in touch with customer service if you have any questions while filling out its online form.
See how it stacks up to other brokers with our guide to car loan connection services. Or consider applying with a direct car loan provider instead.