CarLoans.com could be a good choice if you have had financial difficulties in the past and are struggling to find financing through mainstream lenders. Unlike many of its competitors, the company will consider your application if you have previously been declared bankrupt.
Likewise, CarLoans.com could be an attractive option if you have never previously borrowed money and therefore have a slim credit history. By taking out a loan with one of its partners and making your payments on time, you can demonstrate to future lenders that you are responsible with your finances.
The company also offers loan options for those without a down payment to make on their vehicle. This could be extremely useful if you suddenly need to replace your current car and don’t have any savings.
While CarLoans.com does not finance loans itself, you can find financing or refinancing for both new and used cars through its partner lenders.
CarLoans.com’s service is available exclusively online and you must be at least 18 years old to apply.
As part of the application process, you’ll need to provide:
At this stage, the company will ask you to perform a credit check through its service or to enter your score yourself, if you know it. Likewise, it will give you the opportunity to obtain a car insurance quote through its service or to enter the details of any quotes you have already received.
Once you have submitted this information, CarLoans.com will search its panel of lenders for a suitable match in your area. If a lender is found, you should receive an update within 48 hours.
Although we found the process of submitting an application straightforward, we did not receive a response to our application.
As an auto loan marketplace, CarLoans.com can connect you with lenders for finance and refinancing loans on both new and used cars. The amount you can borrow will depend on factors such as the type of vehicle you’d like to buy, your credit rating, and your income, and the types of loans will ultimately depend on the loan providers available to you. Loan features include the following.
Carloans.com offers repayment terms of 12, 24, 36, 48, 60, 72, or 84 months.
Although the amount of interest you repay will depend on factors such as your credit history and the amount of your loan, the company states that APRs are typically start at 5.0%.
As CarLoans.com does not offer loans itself, the loan provider you choose will set the terms and conditions of your loan. It is therefore important that you read these carefully before committing to any offer.
From a technical standpoint, the company takes several precautions to project your data.
After it reviews your application, the company won’t store any of your personal details, and any information you do send is protected by SSL encryption.
CarLoans.com does not provide any contact details on its website.
|APR||5.0%||3.90%-27.90%||From 1.49% (varies by provider)|
|Minimum credit score||None||None||None|
|Loan amount||Up to $200,000||$1,000-$85,000||$5.000-$300,000|
|Loan term||12 to 84 months||36 to 72 months||12 to 72 months|
|Best for||Poor- and no-credit borrowers||Purchasing a pre-owned car online||Comparing a range of lenders|
If you have a poor credit history or have never previously borrowed money, CarLoans.com could be an effective way to finance your new car. And unlike many of its competitors, it will consider your application if you have been declared bankrupt or are unable to afford a downpayment. And while we would have liked CarLoans.com to provide contact details for customer support, we were pleased to see that loan rates begin at just 5.0% and that financing is available for both new and used cars.
We compiled this review by visiting the company’s website, using its online quote tool, and comparing its service against its competitors.