Car.Loan.com is an auto loan broker tailored to borrowers with both good and bad credit. Established in 1994, it has been helping people with less than ideal credit scores for over 20 years. Because they are an auto loan liaison, their job is to connect borrowers with lenders and car dealerships both able and wanting to work with them.

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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.

Unlike many of its bad credit loan competitors, Car.Loan.com can actually help you find a loan that works for you. If you need a car with a manageable monthly payment, Car.Loan.com is an auto loan company that may be able to help.

Car.Loan.com Application Requirements

There aren’t any credit score requirements to work with Car.Loan.com. This is because 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.
  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.

Types of Auto Loans Available

Car.Loan.com offers loans for both used and new car loans. Because it works with dealers and lenders nationwide, it services all types of loans for a variety of vehicles.

It doesn’t restrict borrowers to certain types or makers. It also doesn’t restrict 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, nor are borrowers under any obligation to move forward with a loan once they have been matched up with a lender through Car.Loan.com.

Rates vary depending on your credit profile and APRs range on the whole from 0% to 25%. Your financial history and profile determine the amount of a credit risk you are to lenders. The higher your score, the less likely you’ll be to miss a payment and the more likely you’ll be to receive a lower APR.

Car.Loan.com Application Process

With everything so streamlined these days, the application at Car.Loan.com 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 Car.Loan.com comes with a lot of extras. Here are some of our favorite features.

Loan Estimator

Car.Loan.com 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.

  • 700- Good Credit
  • 625- Fair credit
  • 575- Situational Bad Credit
  • 525- Bad Credit
  • N/A- Very Bad Credit

You’ll likely be in between two credit profiles, so just choose the one you are closest to. If you don’t know your credit score, your bank may very well update you on your credit score for free. If it doesn’t, you’ll want to go through FICO, as most auto loan lenders use your FICO score instead of other models.

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 in all the information, Car.Loan.com will give you an estimate on 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 auto loans 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.

Payment Calculator

Car.Loan.com 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 a low credit score, 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 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

Car.Loan.com 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 less than ideal credit score and history should not assume that they’ll automatically be lumped into an inflated APR. Car.Loan.com works with affiliated lenders all over the country and the variety of APRs reflects that.

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