FAQs

Who We Are

The Process
Before Applying…

After Applying…

After Receiving the Auto Loan/eCheck…

At the Dealership…

Who We Are
  1. Who is CarFinance.com? CarFinance.com is a revolutionary auto finance provider that offers online auto loans for most types of credit. Our process tested through real-world experience, allows individuals to arrange and secure auto financing prior to the dealership visit, saving you both time and money. Headquartered in Irvine, CA, we are advocates for consumers interested in purchasing a vehicle by helping them shop as cash buyers. Cash buyers can negotiate the vehicle selling price with freedom and typically get a better deal than those financing with the dealership. Apply today!
  2. What finance products does CarFinance.com offer? Currently, CarFinance.com offers you the ability to purchase a new or used vehicle from any franchised dealership within the state you live. In addition, we offer a loan product that will allow you to refinance your existing loan and in most cases, help you lower your monthly payment and/or interest rate.
  3. What types of vehicles does CarFinance.com allow me to finance? CarFinance.com will finance new and used passenger vehicles and light trucks that will be used for personal use only. Vehicles must be 7 years old or newer  and have mileage of 70,000 miles or less.
  4. How can I contact CarFinance.com? Please email us at info@carfinance.com to speak with a Customer Service Representative and have all your questions answered.
  5. What are your loan terms? Loan terms are based on the vehicle. For vehicles with mileage of 70,000 miles or less, we offer financing for up to 72 months. 
  6. Are there limits on the dollar amount of your auto loans? Yes, actual loan amounts will be limited based on the value of the specific vehicle that you are purchasing. The amount of this limitation may vary and will be specified in your loan terms and conditions as the loan-to-value (LTV) limitation. For example, if you are approved for $25,000, but the value of the vehicle you are buying is $20,000 and your LTV limit is 110% then your loan amount will be limited to $20,000 x 110% = $22,000.
  7. If I am self-employed, will CarFinance.com approve my loan? Your employment is a factor taken into account when you apply for a loan, but it is not the only factor. If you meet other requirements, there is a good chance you could receive a loan from us.
  8. Is leasing available? At this time, leasing is not available. We are hopeful in adding a leasing product to our services soon. Check back frequently for any news regarding leasing.
  9. Is refinancing available? Yes, refinancing is available! Apply here to refinance your existing loan for competitive interest rates and/or a lower monthly payment.
  10. Are vehicle service contracts or total loss protection products available through CarFinance.com? Yes, we offer GAP (guaranteed auto protection) extended warranty products for our customers.
  11. Does CarFinance.com offer loans for people with bad credit? Yes! We offer auto loans for a range of credit—poor, fair, average, good, and excellent.  Our goal is to help you succeed with your auto loan by offering a monthly payment, a competitive interest rate, and term that will make it easier for you to pay your loan on time, therefore increasing your credit score.

The Process
Before Applying…
  1. What type of documentation may I be asked to provide to CarFinance.com? Documentation requirements vary, but you may be asked to provide some or all of the following information: i. Copy of valid state-issued identification (e.g. driver’s license) ii. Proof of your monthly income iii. Proof of residence iv. Personal references
  2. Am I obligated to use my CarFinance.com eCheck if I apply and get approved? No, when you apply at CarFinance.com there is no obligation to use your eCheck. 
  3. Are there limits on the dollar amount of your auto loans? Yes, actual loan amounts will be limited based on the value of the specific vehicle that you are purchasing. The amount of this limitation may bary and will specified in your loan terms and conditions as the loan-to-value (LTV) limitation. For example, if you are approvied for $25,000 but the value of the vehicle you are buying is $20,000 and your LTV limit is 110% then your loan amount will be limited to $20,000×110% = $22,000.
  4. When should I apply? You should apply when you feel ready to take on the responsibility of owning a car and paying off an auto loan. Also, since the eCheck is only valid for thirty days after approval, you should be free to car shop at different dealerships right away.
  5. Is my loan application secure? a. Our loan process is private and secure. We take the privacy of our customers very seriously. To read more information, see our privacy terms.
  6. Is there a fee to submit my application? a. No, there are no fees required to submit an application.

After Applying…
  1. What should I expect after applying? You should expect an email confirming that your application has been received. Once the application has been approved or declined, there will be another email sent to notify you of your application status.
  2. How long will it take to know if I got approved or declined? We pride ourselves on quick application status delivery. Response time is based on creditworthiness, with most decisions returned in minutes.
  3. Why did I not get a better rate? There are several factors affecting the rate you may receive, including your personal credit quality based on your history of repaying various debt obligations, depth of your credit history, and the monthly amount of income that you make. 
  4. Why was my application for a loan declined? There are several reasons why an application may be declined. CarFinance.com is not able to give out that information to you over the phone, however, a letter of will be sent to you providing information regarding your declined application.

After Receiving the Auto Loan/eCheck…
  1. What if I want a larger loan amount to get the car I want? Generally, loan amounts are based off a number of personal factors such as credit profile, credit history, etc; therefore, the approved loan amount is an accurate assessment of how much a person can afford to pay on time.
  2. Are there any restrictions on where I can purchase my vehicle? Yes, you must purchase your vehicle from a franchised car dealership. A franchised car dealership sells new and used cars for auto manufacturers such as Ford, General Motors, Honda, and other major brands. The manufacturer is often listed in the dealership’s name. You may also purchase a vehicle from CarMax. We do not offer financing for vehicles purchased from independent used car dealers, auto brokers, or private party sellers.
  3. What dealers are authorized to accept the CarFinance.com eCheck? Franchised car dealerships are authorized to accept the CarFinance.com eCheck. Most dealerships are included in the franchised car dealership definition as well as CarMax. Unfortunately, customers are not allowed to purchase from independent used car dealers or auto brokers.
  4. What are the vehicle requirements for the CarFinance.com eCheck? CarFinance.com will finance new and used passenger vehicles and light trucks that will be used for personal use. Vehicles must be 7 years old or newer and have mileage of 70,000 miles or less.
  5. Can I use my eCheck to purchase something other than a car? No, an eCheck from CarFinance.com is only activated once a car dealer and customer sign the appropriate paperwork. Meaning, the borrower must purchase a car, not another commodity. The eCheck is void if misused.
  6. How long do I have to use my CarFinance.com eCheck? You have thirty days from receiving the approval email to use your eCheck. Once the thirty days have expired, you will have to go through the loan process by first submitting an application again. There is no fee for an expired eCheck, and you do not need to make a phone call to us. Please discard your eCheck and other CarFinance.com documents securely.
  7. If the car I intend to purchase is less than the CarFinance.com eCheck, what happens? You save money. Since the eCheck is not a final amount, the loan terms will be adjusted and your monthly payments will change accordingly.

At the Dealership…
  1. If I decide not to use my CarFinance.com eCheck, what should I do? You are under no obligation to use your CarFInance.com eCheck package. You may consider retaining your CarFinance.com documents until you have made your final financing decision to give yourself the maximum flexibility in choosing the right option for you. If you decide to not use them, please simply dispose of the documents safely. You do not need to contact us to cancel your loan application or documents; your loan approval is good for 30 days.
  2. Are there specific LTV (“Loan-to-value”) guidelines? LTV limits can vary and will be specified on the “Dealer Instructions” portion of the customer’s CarFinance.com eCheck.
  3. What type of documentation/requirements does the dealer have to provide to CarFInance.com in order to get paid? Specific dealer documentation requirements are located on the “Dealer Instructions” portion of the customer’s eCheck.
  4. What are the titling requirements for the CarFinance.com eCheck? CarFinance.com must be listed as the first and only lien holder. Vehicle must be titled in customer’s state of residence. Only the borrower(s) listed on the CarFinance.com eCheck may be listed as registered owner(s).
  5. Can a dealer sell an extended manufacturer’s warranty or total loss protection when accepting a CarFinance.com eCheck? Extended warranty/service contracts can be included as long as they fit within the maximum amount to finance and LTV guidelines.
  6. How does CarFinance.com pay the dealer? Immediately upon receipt and verification of all customer and dealer required documents, CarFinance.com will trigger an ACH funding into the dealer’s account. The dealer is required to complete an ACH Authorization form to expedite this process.
  7. When will the dealer receive payment from CarFinance.com? CarFinance.com guarantees payment of the CarFinance.com eCheck once all customer and dealer requirements have been met. CarFinance.com will pay via ACH. Specific dealer requirements will be listed on the “Dealer Instructions” portion of the eCheck package.
  8. The dealer just offered me a 0% interest rate, should I take it instead of using the CarFinance.com eCheck? It depends on which one is more beneficial to you—a cash rebate or a 0% interest rate. Unfortunately, we at CarFinance.com cannot offer you a 0% interest rate, but it may be in your best interest to forgo the low interest rate for the cash rebate and still use your CarFinance.com loan. Use our calculator to compare the differences between a 0% interest rate and a cash rebate on how much it will save you.
  9. How does the trade-in process work if I have a CarFinance.com eCheck? The same as if you were financing with the dealer– your trade-in value will be used to deduct money off the price of the car. Once you have settled on the total price of the vehicle minus the trade-in, your eCheck will be used to pay that amount to the dealer.
  10. The dealer refuses to take my eCheck, what should I do? You may not be at a franchised dealership. Contact us to assist.