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Carloans.com Reviews

6.6

bestfor-icon Quick auto-loans for bad credit

lauren
Written by Lauren Le-Hair

About Carloans.com | Read More

6

LS Score

6

Credibility

6

Support

8

Accessibility

Visit Site
Opening Hours Opening Hours drop-down-btn
Mon-Sun 24/7
Contact Information Contact Information drop-down-btn
  • info@bestautolenders.com
  • Mailing Address: 1614 Tower Way, Superior, WI 54880
Social Media Social Media drop-down-btn

Carloans.com Auto Loans Review

CarLoans.com have created a simple auto loan application website that works perfectly for the product that they offer. The company just offers auto loan, priding themselves on quick decision making and affordable loans. The company also has an excellent resources section which details everything that you could ever want to know about auto loan financing. We were impressed by this section and found it very educational. On the other hand, there are very few details available with regards to the terms of the loans. There is no available information on the site regarding age of vehicles, mileage requirements or vehicle types. Additionally, CarLoans.com are a marketplace lender, but there is no indication of which lenders they are partnered with. Details of the auto loans offered by CarLoans.com are shown in the table below.

Carloans.com Auto Loans Highlight

320

Min Credit Score

3.2-24%

APR. Fixed Rate

$1K-$100K

Loan Amount

12-84 months

Repayment terms

No

Soft Credit Pull

Marketplace

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

48 hours

Funding Time

Pros & Cons

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  • con-icon Quick and simple application form
  • con-icon Loans available to people with bad or no credit ratings
  • con-icon No fees associated with the loans
  • con-icon Limited information available online about the loan terms
  • con-icon No soft credit pull available
  • con-icon High APRs if your credit rating is very poor
  • con-icon No visibility of lending partners

Auto Loan Types

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  • Unsecured Auto Loans
  • New Car Loan
  • Used Car Loan

Vehicle Types

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  • Car
View rates

Carloans.com Auto Loans Terms & Requirements

CarLoans.com lets itself down compared to the rest of its site with the information provided regarding loan terms and requirements. There is little information available with regards to loan eligibility, what type of loans are offered. We know that the following information with regards to auto loans offered by CarLoans.com:

  • Loan terms between 1 and 7 years
  • APRs available between 3.2% and 24% depending on your credit rating
  • Loans are available for both new and used car, but mileage or age restrictions on used cars are not stated on the website.

The best way to check the terms and requirements are to go through the application process. Thankfully, the application process is very quick to go through, so you won’t be left waiting for long until you can see the terms and conditions that are applicable to you.

How to Apply

We decided to test the application process for CarLoans.com and headed over to the site to get started. The homepage is very clearly laid out, making it obvious how to start the process.

Screen 1

The first page asked for simple personal information, including our name, phone number, email address and zip code.

Screen 2

The following page shown asked for address, current housing situation, employment and income details.

Screen 3

This was followed by a page asking for our SSN, date of birth, bank account type, and whether we had filed for bankruptcy in the past 3 years.

After entering our basic information and selecting ‘Continue My Application’ we were taken to the first page of a four step application process. The first page asked for simple personal information, including our name, phone number, email address and zip code.

The following page shown asked for address, current housing situation, employment and income details. This was followed by a page asking for our SSN, date of birth, bank account type, and whether we had filed for bankruptcy in the past 3 years.

At this point we had to check the box detailing that we were happy to submit to a hard credit pull, knowing that this would slightly decrease our credit score. We agreed to this and the credit check was undertaken.

The final stage of the four part application concerned the vehicle that we wanted to buy. We completed the form and hit ‘Complete Application’. The application was completed within 30 seconds, at which point we were shown offers that were available to us.

The application process was very quick and easy to complete. However, we would have preferred visibility of lending partners and more information on loan details prior to starting the process.

Qualification Requirements

The CarLoans.com website doesn’t detail the qualification requirements, but we can safely assume that the following requirements are in place to obtain a car loan.

  • 18 years of age or older
  • US citizen or permanent resident
  • Able to prove a steady income stream

Required Information

You must provide CarLoans.com with the following information when you are applying for an auto loan:

  • Proof of ID
  • Driver’s license
  • Insurance
  • Proof of income
  • Proof of residence
  • Bank account details

Application Steps & Time Frames

Applying for a car loan with CarLoans.com took a couple of minutes and was very straightforward. After completing the loan process, funding will be with you within 48 hours of completing the loan documentation.

State Availability

- Available in all states

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

faq-icon

FAQ’s

How long does it take to know if my application is successful?

In almost all cases, a decision on whether to you an auto loan is made immediately by CarLoans.com.

Can I apply if I have bad credit rating?

Yes, CarLoans specialize in loans to people with bad or even no credit history.

Can I only buy new vehicles with CarLoans.com?

No, you can buy new or used vehicles.

Customer Support

CarLoans.com are an online only offering, meaning that you aren’t able to speak directly to a customer service representative. Customer service can be contacted via email only, and we tested how responsive the customer service team are. We emailed with a question about credit scores, and we were pleasantly surprised to receive a reply within 30 minutes of sending the question. This is very important for a company that cannot be contacted via phone call, and we were impressed with the quality and timeliness of the response. Full details for getting in touch with CarLoans.com are shown below.

Privacy & Security

CarLoans.com contains a privacy policy that details exactly how your personal data is collected, stored and treated. The Privacy Policy is relatively standard, with no surprises noted. There are no adverse online reports with regards to data, privacy or security breaches online. This can be considered a green flag, as instances or privacy or security breaches almost inevitably find their way online if they occur.

In Conclusion

CarLoans.com is a good choice to consider if you have a poor credit history and need a car loan quickly. Given that they are targeted towards those with poor credit ratings, the APR range offered is lower than competitors, with loans ranging from 3.2% to 24%. If you are in the market for an auto loan, we would recommend you take a look at CarLoans.com.

Brand Disclaimer

CarLoans.com is a lead provider to lenders around the US. Average APR rates range from 3.2% to 24% depending on credit. Some dealers/lenders may have implications for non-payment or late payments, please see your specific terms for more information. By applying with CarLoans.com, you agree to have your credit pulled for lending purposes and this could have an impact to your credit score.