CarFinance.com

Author: Kaitlyn Short

CarFinance.com was founded in 2011 and is now managed by Flagship Credit Acceptance. The company provides auto financing for all types of credit and has a quick loan approval process.

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The Good

• Quick approvals and no fees
• No down payment for purchase loans
• Refinancing available
• Active-duty military lending

Quick Approvals and No Fees

CarFinance.com offers a quick approval process. Its website states that the company will have a loan decision for you in less than 30 minutes. However, it also states that this timeframe is only accurate if you are applying online during business hours. CarFinance.com doesn't charge any application fees.

No Down Payment for Purchase Loans

CarFinance.com does not require borrowers to put any money down on its purchase loans, which is a great feature for consumers who are low on funds or would rather spend their money elsewhere.

Refinancing Available

CarFinancing.com offers auto loan refinancing for those who would like to reduce their monthly payments, lower their interest rate, or both. Consumers can apply for refinancing online by submitting the appropriated documents. If approved, CarFinance.com will provide an offer and pay off the existing loan once the transaction has been completed.

Active-Duty Military Lending

CarFinancing.com provides active-duty military members with the resources necessary to navigate the car-buying or refinancing process, help with questions, and customized financing options that best fit their lifestyle. In fact, CarFinancing.com has funded over $185 million in auto loans for active-duty service members.

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The Bad

• Franchised dealers only
• Approval not guaranteed
• Lack of transparency

Franchised Dealers Only

CarFinancing.com states that it offers a quick credit decision and will lock-in your loan terms once you're approved. However, the company's website says that funds can only be used at franchised dealers, which limits the places where you can purchase a car with your CarFinancing.com loan.

Approval Not Guaranteed

CarFinancing.com's website states that the company accepts all types of credit, even if you have less than perfect credit. However, the company does not provide any type of approval criteria and does not guarantee that your application will be approved.

Lack of Transparency

CarFinancing.com has not disclosed APRs, terms, minimum and maximum loan requirements, or mileage limits on its corporate website. These are all important factors that could potentially sway a potential customer to choose one auto loan company over another, so the fact that CarFinancing.com is not transparent about them can be frustrating.

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The Bottom Line

CarFinancing.com provides quick approvals and doesn't charge any application fees. Additionally, the company doesn't require a down payment on any of its purchase loans and offers refinancing options and active-duty military lending. However, if you choose to use CarFinancing.com, you will only be allowed to use your funds at a franchised dealer. In addition, the company has not disclosed several important pieces of information on its website and there is no guarantee that you will be approved.