Frequently Asked Questions

General InquiriesPre-ApplicationPost-ApplicationPost-ApprovalAt the Dealer General Inquiries
  1. Who is CarFinance.com?

    CarFinance.com is an online automotive lending and car buying experience. We offer excellent refinance and purchase loan options for all types of credit. Founded in 2011, and now managed by Flagship Credit Acceptance, we empower consumers who apply online with a loan decision in less than 30 minutes during business hours. There are no fees. Consumers can lower their monthly payments by refinancing their current auto loan or remove financial uncertainty prior to visiting the dealership by securing a vehicle purchase loan. Apply Today

  2. What finance products does CarFinance.com offer?

    Auto Loan Refinancing – pay off your current car loan. You can lower your monthly payments and lower the overall cost of your car with a new loan.

    Refinancing is worth a look…

    • If time has passed since missed payments, and you’ve been paying everything on time.
    • If your interest rates were high when you purchased your car and have come down since.
    • If you got a rebate on your vehicle purchase by financing with the manufacturer’s finance company (a rebate instead of a special rate).

    Vehicle Purchase Loans – purchase a new or used vehicle from any franchised dealership, and under certain circumstances independent dealerships, within the state you live. You can receive a funding certificate prior to shopping for a car.

    A funding certificate allows you to…

    • Be informed on your auto financing options.
    • Shop like a cash buyer.
  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 8 years old or newer and have mileage of 100,000 miles or less. There are a few restrictions on eligible vehicles.

    Our ineligible makes/brands are: Alfa Romeo, Aston Martin, Bentley, Ferrari, Hummer, Isuzu, Lamborghini, Lotus, Maserati, Maybach, McLaren, Mercury, Oldsmobile, Pontiac, Rolls Royce, Saab, Saturn, Smart, Suzuki, Tesla, and all heavy duty and super duty trucks are ineligible – common examples are: Chevy Silverado 3500 and above, Ford F350 and above, GMC Sierra 3500 and above, Ram 3500 and above. Finally, any all-electric vehicle is ineligible for our financing as well.

  4. How can I contact CarFinance.com?

    Please email us at loanhelp@carfinance.com and a Customer Service Representative will contact you shortly, or call us at (888) 978-8573 during business hours to speak with a live agent.

  5. What loan terms does CarFinance.com offer?

    CarFinance.com can put together an auto loan that is right for you. With flexible terms up to 72 months, we will work with you to structure a monthly payment you can be comfortable with.

  6. Are there limits on the dollar amount of your auto loans?

    Yes, the maximum amount of your loan approval is based on your credit and your capacity to make the monthly payments, which is based on your verifiable monthly income. Additionally, actual loan amounts are limited based on the value of the vehicle you are purchasing or refinancing and subject to other terms and conditions.

  7. If I am self-employed, will CarFinance.com approve my loan?

    CarFinance.com considers the amount and reliability of self-employment income when evaluating a credit application. If you meet these and other requirements, we may approve you for a loan.

  8. Is leasing available?

    At this time, leasing is not available. Check back for any news regarding leasing as we continually evaluate expanding our finance product offerings.

  9. Are vehicle service contracts or total loss protection products available through CarFinance.com?

    We offer guaranteed auto protection (“GAP”) for our customers in many states. GAP cancels the balance that is owed on your loan if your car becomes a total loss due to theft, fire or accident, subject to terms and conditions of your GAP agreement.

    At this time, we do not offer vehicle service contracts, but check back for any news regarding service contracts as we continually evaluate expanding our product offerings.

  10. Where can I find your regulatory license information?

    Regulatory license information, where required, can be found here.

Pre-Application
  1. For refinancing an existing auto loan, what types 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) information about yourself and your current auto loan (ii) information about your vehicle (iii) proof of your income (iv) proof of residence (v) personal references. We have an easy online process for providing required documents.

  2. Am I obligated to accept my CarFinance.com auto loan if I apply and get approved?

    No, when you apply at CarFinance.com there is no obligation to accept your new auto loan. You do not need to contact us to cancel your loan application or documents if you choose to not move forward.

  3. If I am approved for a purchase loan, what types 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. We have an easy online process for providing required documents.

  4. When should I apply for a car loan?

    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 Funding Certificate is only valid for 45 days after approval, you should be able to car shop at different dealerships right away.

  5. When should I apply for an auto refinance loan?

    You should apply when your credit score improves or if interest rates were higher when you purchased your car and have come down since. Also, you must be current on your existing auto loan payments for 6 months to secure the best chance of approval and the best available rate with CarFinance.com.

  6. Is my loan application secure?

    Our loan process is private and secure. We take consumer privacy very seriously. To read more, see our privacy terms.

  7. Is there a fee to submit my application?

    No, there are no fees required to submit an application.

Post-Application
  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, you will receive another email notifying you of your application status. It’s that simple.

  2. How long will it take to know if I got approved or declined?

    We pride ourselves on quick application status delivery. Most decisions are returned in under 30 minutes during business hours.

  3. Why was my loan application declined?

    There are several reasons why an application may be declined. Request a statement of reasons from CarFinance.com as provided in your decline notice, and we will send you a letter with that information.

Post-Approval
  1. What if I want a lower rate on my loan?

    The vehicle being financed, your income and credit profile, including your prior experience with auto credit, are some of the factors we consider when determining the terms of your loan and your maximum monthly payment. Be sure to ask your loan officer how you can get a lower rate. For instance, if you apply with another qualified borrower, the additional source of income could qualify you for a lower rate on your loan.

  2. How long do I have to use my CarFinance.com loan approval?

    You have 45 days from receiving the approval email to use your auto loan or Funding Certificate. After 45 days, you will have to re-qualify for a loan. Call us for options. Otherwise, please discard your approval letter or Funding Certificate and other CarFinance.com documents securely.

  3. What if I want a larger loan amount to get the car I want?

    Your income and credit profile, including your prior experience with auto credit, are some of the factors we consider when determining the amount we will lend and your maximum monthly payment. If you purchase your vehicle with another qualified borrower, the additional source of income may qualify you for a larger loan amount. You may also qualify for a larger loan amount if you pay a larger down payment or extend your loan term to the maximum allowed for the vehicle type you choose and the strength of your credit. Be sure to you ask your loan officer about your options.

  4. Where can I purchase my vehicle?

    You can purchase your vehicle from any franchised car dealership. Franchised car dealerships are dealers who sell new cars (e.g. Toyota, Ford, Honda, Chevrolet, Nissan, GMC, Kia, Hyundai, Dodge, etc.), and who may also sell used cars. The manufacturer is often identified in the dealership’s name. Under certain circumstances, you may be able to purchase your vehicle from an independent dealer. Contact your loan officer for details. We do not offer financing for vehicles purchased from auto brokers or private party sellers.

  5. Can I take my approval email to the dealership to complete the financing?

    No, once you’re approved we still need to verify certain information, such as your income and employment, as well as a few other items, before we can issue your Funding Certificate. Once your Funding Certificate is issued, you’ll be ready to go shop for your vehicle.

  6. Can I use my Funding Certificate to purchase something other than a car?

    No, a Funding Certificate from CarFinance.com is only valid for the purchase of a qualifying vehicle from a franchised dealership or approved independent dealership. The Funding Certificate is void if misused.

    Our ineligible makes/brands are: Alfa Romeo, Aston Martin, Bentley, Ferrari, Hummer, Isuzu, Lamborghini, Lotus, Maserati, Maybach, McLaren, Mercury, Oldsmobile, Pontiac, Rolls Royce, Saab, Saturn, Smart, Suzuki, Tesla, and all heavy duty and super duty trucks are ineligible – common examples are: Chevy Silverado 3500 and above, Ford F350 and above, GMC Sierra 3500 and above, Ram 3500 and above. Finally, any all-electric vehicle is ineligible for our financing as well.

  7. If the price of the car I intend to purchase is less than my CarFinance.com approval amount, what happens?

    Because the Funding Certificate shows the maximum amount we will finance but not the final amount, the loan terms will be adjusted and your monthly payments will change accordingly.

At the Dealer
  1. Do I need to show the dealership my Funding Certificate?

    Yes, your Funding Certificate represents the amount you have available to spend, like a cash buyer. Just bring your smartphone or print out the Funding Certificate to show the dealership your approved amount.

  2. Are there any specific loan-to-value (LTV) guidelines?

    LTV limits can vary and will be specified on the “Dealer Instructions” portion of your CarFinance.com Funding Certificate.

  3. How will I know if the deal I make with the dealership is accepted by CarFinance.com?

    The dealership can submit vehicle and financing details online for validation here. Then, you’ll receive a text message, notifying you to check your email and acknowledge the actual loan terms, including total amount financed and monthly payment, by e-signing your contract. The turnaround is quick so you can drive away happy.

  4. 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 here.

  5. What are the vehicle titling requirements for the CarFinance.com Funding Certificate?

    The dealership must complete the necessary forms and documents and deliver them, with the appropriate fees, to the public officials responsible for issuing the certificate of title or registration and deliver to CarFinance.com evidence of CarFinance Capital LLC’s first priority perfected security interest. In jurisdictions where security interests are noted on certificates of title or registration, the dealership must provide evidence that our first priority perfected security interest is so noted. The vehicle must be titled in the customer’s state of residence. Only the borrower(s) listed on the CarFinance.com Funding Certificate may be listed as registered owner(s).

  6. Can a dealer sell an extended manufacturer’s warranty or vehicle service contract when accepting a CarFinance.com Funding Certificate?

    Extended warranty / service contracts can be included as long as they fit within the maximum amount to finance and LTV guidelines.

  7. When and how does CarFinance.com pay the dealer?

    Immediately upon receipt and verification of all customer and dealer required documents, CarFinance.com will initiate an ACH credit transfer into the dealer’s bank account, or will issue a check to the dealership. The dealer is required to complete an ACH Authorization form to expedite this process.

  8. The dealer just offered me a 0% interest rate, should I take it instead of using the CarFinance.com Funding Certificate?

    It depends on which option is more beneficial to you. In some cases, a manufacturer’s cash rebate may not be available with 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 loan calculator to compare the differences between a 0% interest rate and a cash rebate and see which option will benefit you the most.

  9. How does the trade-in process work if I have a CarFinance.com Funding Certificate?

    You can negotiate trading in your used vehicle with the dealership and use those proceeds to lower the vehicle purchase price, as well as your loan amount with CarFinance.com. If you have an existing loan on the trade-in vehicle that is more than the trade-in value, you may need to pay the difference out of pocket. Be sure to ask your loan officer for details and for help learning what a reasonable trade-in amount is for your used vehicle.

  10. The dealer refuses to take my CarFinance.com Funding Certificate, what should I do?

    Contact us at loanhelp@carfinance.com or call us at (888) 978-8573 during business hours. We will be happy to assist you with the dealer.