Review for 2020

Established in 1994, has been helping people with bad credit for over 20 years. However, this auto loan broker works with borrowers with both good and bad credit. They connect borrowers with lenders and car dealerships both able and wanting to work with them.


Fortunately, they’re not just all talk. Past users rate them an average of 9 out of 10, and financial sites give them 4.5 out of 5 stars. If you need a car with a manageable monthly payment, is an auto loan company that may be able to help. Application Requirements

Car.Loan works with lenders all over the country, each of which has its own requirements the further you get into the process. Pre-qualifying only takes a few minutes, but when you proceed to actually work with a lender or dealership, the following paperwork will likely be needed:

  1. Proof of Income: For this, you’ll just need to provide a pay stub. Depending on the lender, there will likely be a minimum monthly income requirement. For most lenders the minimums are between $1,000 and $2,000.
  2. Proof of Insurance: If you’ve never had a car, you’ve likely never had insurance before. If this is the case, you can do it the day of. You just need to provide proof before everything can be finalized.
  3. Proof of Identity: You’ll need a government-issued ID with your signature on it. You’ll also likely need to provide a utility bill with your address on it that must have the same address as the one on your ID. You also must be a citizen of the United States and have documentation to prove it.
  4. Proof of Residence: As with the above requirement, you’ll need to provide a utility bill that has your address on it. Obviously, it can be the same bill that you provided to prove your identity.
  5. Trade-in Documentation: If you have an old car that you’re going to trade in to help with the down payment or loan amount, you’ll need to provide all appropriate paperwork that proves you are the owner of that vehicle. For this, you’ll need the car’s title and registration papers.
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Types of Auto Loans Available offers car loans for both used and new cars. Because it works with dealers and lenders nationwide, it services all types of auto loans for a variety of vehicles.

It doesn’t restrict borrowers to certain types or makes. It also doesn’t restrict based on the age of the vehicle. For many lenders, cars must be 10 years or younger, but Car.Loans and its affiliates do not place these restrictions on its borrowers.

Fees and Rates

There is no cost to apply, however there is a credit check. Borrowers under any obligation to move forward with an auto loan once they have been matched up with a lender.

Your interest rate and loan terms will vary depending on your credit scores. Interest rates range on the whole from 0% to 25%. Your financial history and credit profile determine the amount of a credit risk you are to lenders. The higher your credit score, the less likely you’ll be to miss a payment and the more likely you’ll be to receive a lower interest rate. Application Process

With everything so streamlined these days, the application at only takes three minutes to complete. To get pre-qualified, all you need is your name, email, phone number and date of birth to get things rolling. Once you’re pre-qualified, you can immediately go and visit a participating dealership and begin shopping.

Special Features

Financing a vehicle through comes with a lot of extras. Here are some of our favorite features.

Loan Estimator has a handy Loan Estimator tool on its website that tells you how much you’re likely to get approved for. It’s a three-step process that only takes a few minutes to calculate.

1. Credit Profile: It gives five credit profiles to choose from ranging from good to very bad credit. You’ll likely be in between two credit profiles, so just choose the one you are closest to.

2. Monthly Income: How much do you make before anything is taken out, such as taxes or health insurance?

3. Monthly Debt: For this one, you’ll need to include minimum payments you make every month on items such as:

  • Mortgage or Rent
  • Credit Cards
  • Student Loans
  • Personal Loans
  • Child Support
  • Alimony
  • Monthly Maintenance Payments

Note: Do not worry about utility bills, cell phone plans, internet or cable bills when calculating monthly debt.

After you enter all the information, will give you an estimate of what you can afford each month. Just know that this doesn’t mean you’ll actually get approved for a certain loan amount. If your credit history suggests you may struggle to make larger payments, then you may only be approved for lower loan amounts.

Regardless of what the Loan Estimator tells you, it’s also important to know that many financial specialists think a car loan should account for no more than 10% of your take-home pay.

This means if you bring home $2,000 a month, your car payment (which includes principal, interest, and car insurance), should only be $200 a month. If it’s more, you run the risk of cutting down on your standard of living or, when things get rough, not being able to make your payments.

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Payment Calculator also has a handy tool to calculate car payments. For this you’ll answer:

  • Price of Car
  • Down Payment
  • Loan Term
  • Amount of Loan
  • Interest Rate (APR)

Just know that if you have bad credit, you’ll likely be required to make a down payment. For most lenders, You either have to put down $1,000 or 10% (whichever is less).

Drive-Away the Same Day

If you need a new car fast, you might be able to drive away with a vehicle the same day as applying. Start the process on the morning of, get the paperwork mentioned above in order, and you could very well drive away with a car that afternoon.

Bottom Line is an established online company with a strong reputation with its past clients. Though APRs range from the lowest to the highest, borrowers with a bad credit score and history should not assume that they’ll automatically be lumped into an inflated interest rate. They work with affiliated lenders all over the country and the variety of interest rates reflects that.

If you don’t have a credit score because you’re just starting out in the financial world, or it’s low because of missed payments or bankruptcy, can find a lender and dealership able to work with your situation.

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