CarFinance.com

The Good

• Direct lender; not a middle-man
• Flexible loan for multiple locations
• Credit score as low as 525

Direct lender; not a middle-man

CarFinance.com is a direct lender that offers loan refinancing and car insurance in addition to car loans.  Being a direct lender means that they are lending you their cash.  The good news is that they can move quickly and if you have any issues, including difficulty payment, they are the decision-makers and might be able to offer more flexibility.

Flexible Loans

The loan that CarFinance.com will offer you is flexible, meaning you can use it at most dealerships and multiple locations.  This is really important. If you get a loan that locks you into a specific dealer, then you lose your ability to negotiate and any savings that you make on the interest rate could be less than the higher amount that you would pay for a car.

Credit score as low as 525

CarFinance.com can approve you even if you have a low credit score.  However, that doesn’t mean you’ll also get a low interest rate.  The company is actually probably a better fit for people with scores under 650.  As always, we recommend comparing rates from multiple lenders to get the lowest rate, but in the case of consumers with a score above 700, CarFinance.com will likely not be your lowest rate.

Finally, another positive of CarFinance.com is that they are quick.  You can be approved in just 30 minutes, and the loan offer is good for up to 30 days.

The Bad

• Requires a minimum monthly income of $2,000
• Cannot compare multiple offers
• Not available in all states

Requires a minimum monthly income of $2,000

Like most direct lenders, CarFinance.com has requirements on what you must show in income before being approved.  The minimum amount is $2,000, and the more you make, the higher the amount of the loan for which you can be approved.  The income requirement isn’t necessarily a knock on CarFinance.com – any lender will require that before making an auto loan (or any loan for that matter).  But it’s something you should be aware of.

Cannot compare multiple offers

Because CarFinance.com is a direct lender, you will get one rate from them only.  They do not compare rates and then offer you the lowest.  To do this, use the BrightRates comparison tool for auto loans.

Not available in all states

The states where CarFinance.com is not available are: Hawaii, Massachusetts, Mississippi, Nevada, North Dakota or Oregon; purchase loans not available in New Hampshire.

The Summary

CarFinance.com is a good option for purchase loans or refinancing of existing vehicles for consumers with a credit score between 525-650 who do not live in one of the states listed above.