In a Nutshell
- No minimum credit score
- In operation for 25 years
- Personalized customer service
- Not a direct lender
- Not entirely an online operation
- Not very transparent on rates
Car.Loan.com at a Glance
Loan types: Auto loans, in-house financing
Loan amount: Up to $45,000
Repayment terms: 12-84 months
APR: Up to 25%
Minimum credit score: None
Best for: Getting an auto loan with bad or no credit
Car.Loan.com works with a wide network of lenders and dealers across the United States to find deals for bad-credit and no-credit borrowers. It doesn’t cost anything to use Car.Loan.com and it shouldn’t take up too much of your time either. It only takes around 3 minutes to fill out the online form and an agent should contact you with multiple loan offers within 24 hours.
Although Car.Loan.com accepts all types of customers, it is best used by drivers with bad credit or no credit. If you’ve been rejected by other lenders or marketplaces, Car.Loan.com may be able to help you. It works with dozens of lenders and thousands of car dealerships, many of whom have no minimum credit requirements and may be able to offer you financing.
Car.Loan.com exists mainly to assist people with bad credit or no credit with finding auto loans and in-house financing. It also offers a few educational resources to help each user understand their financing options.
Here are some of the highlights of using Car.Loan.com:
- Network of dozens of lenders around the United States.
- Network of thousands of deals offering in-house financing.
- Each user is assigned a dedicated agent to help find the best auto financing deal.
- No minimum credit scores, everyone has a chance of getting approved provided they meet other minimum requirements.
- It takes just 3 minutes to fill out the online form and start the application process.
- Free loan estimator shows you how much you can borrow depending on your monthly income and payments.
To request a quote, click “Online form” at the top of the Car.Loan.com home page, then fill out a short online form. After submitting the form, you should receive a phone call from a Car.Loan.com agent within 24 hours.
Applicants must meet the minimum requirements (with option of bringing a co-owner for help with meeting requirements):
- Monthly gross income of $1,500.
- At least 6 months of employment in current position.
- Three years of employment history, with no large gaps between jobs.
- Proof of residence on current utility bill in your name for the address listed on the application.
- Proof of a working landline or cell phone in your name.
- Six to 8 personal references.
Loan Types and Terms
Car.Loan.com specializes in auto loans and in-house financing options. The following are a few details on these options.
- Auto loans: Includes loans for new and used cars from dozens of partnering lenders, with no minimum credit score.
- In-house financing: Car.Loan.com helps find a dealership in your area and even sets up a meeting between you and the dealership’s finance manager.
- Refinancing: New, improved auto loan to replace your old one.
The most glaring problem with Car.Loan.com’s service is the lack of transparency when it comes to rates and terms. Car.Loan.com states on its website that APRs range from 0% to 25%. This is a bit misleading because the fact is no lender would ever offer auto financing at 0% (otherwise how would they make money?). Also, this is just a range and the final APR depends very much on your credit and whether you meet other requirements.
Because Car.Loan.com works with bad-credit and no-credit drivers, APRs presumably lean closer to 25% than they do to 0%. Car.Loan.com doesn’t say exactly what loan terms it offers, but given it works with a wide network, it’s fair to presume its lenders offer the full range of loan terms from 12 months to 84 months.
How Safe Is It?
Car.Loan.com has been operating since 1994. Given how long the website has been around, it’s no surprise it has strict security and encryption protocols in place. Car.Loan.com exists to connect users with lenders and it reserves the right to share your data with its partners.
Help & Support
This service operates on the principle of “don’t call us, we’ll call you.” After you request a quote, a Car.Loan.com agent should call you within 24 hours. Unfortunately, Car.Loan.com doesn’t encourage people to call it directly. However, if you have a query, there is a contact form on its website.
How Car.Loan.com Compares
Because of the lack of transparency, it’s difficult to make a head-to-head comparison between Car.Loan.com and other auto loan marketplaces. The best way to find out what Car.Loan.com can offer you is by filling out the application form on its website. You might want to consider comparing the search results with those from other lending marketplaces.
If you have bad credit or no credit, or have found yourself rejected by auto lenders for other reason, Car.Loan.com may be able to help. Car.Loan.com is a longstanding online platform that helps connects bad-credit drivers with lenders and dealerships around the United States. Its APRs aren’t necessarily the lowest, but if you’re suffering from bad credit it’s worth seeing what this service can do for you.
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