IRVINE, Calif. — CarFinance.com, the company that is revolutionizing the auto loan process for the more than one in three (36%) consumers with less-than-prime credit[1], today launched a virtually paperless, direct-to-consumer auto loan refinancing solution for the credit-challenged. CarFinance.com’s simple online auto loan process provides direct online refinance applications and timely approvals — all electronically completed from the comfort and privacy of the home.

“Not only are consumers holding onto their vehicles for longer than ever[2] most of those car owners purchased their vehicles just a few years ago when the economy was soaring and interest rates were higher,” said CarFinance.com CEO Jim Landy.  “CarFinance seeks to bring those payments down to earth, and save the longer-term car owner with less-than-prime credit hundreds of dollars per month. CarFinance.com’s online application ensures that the process is simple, quick, private and hassle-free.”

Empowering the tens of millions of credit-challenged consumers who have previously had few auto loan options is the mission of CarFinance.com, which makes new and used auto loans – and now refinancing – simple, secure and anonymous for the less-than-prime credit sector.

Lower Monthly Payments More Critical and More Available Than Ever

Refinancing can significantly reduce monthly auto payments. For example: in Q4 2008, a $30,000 new car loan for 72 months could have a $600 monthly payment. Today, as many consumers are holding on to their cars for longer periods, there is an opportunity to refinance the balance and reduce the monthly payments by $200 per month or more.[3]

And, lowered monthly payments means more available cash to help car owners pay off other bills or unexpected expenses.  It can also help car owners afford crucial vehicle maintenance, which studies show consumers have been delaying.[4]By refinancing to lower monthly payments, car owners can put more focus on vehicle maintenance, afford many of those needed car repairs – ensuring both the safety and the extended life and value of their vehicles.

How CarFinance.com Refinance Works

• The car owner goes online to www.carfinance.com and fills out a simple application form.
• Within minutes, a credit decision is made.
• The car owner signs the loan document online.
• CarFinance.com takes care of paying off the car owner’s old loan.
• The car owner’s monthly payment can be lowered, potentially saving hundreds of dollars in monthly expenses.
• The car owner’s personal information remains 100% confidential, safe and secure.
• CarFinance.com’s one-on-one customer service support is available to the loan applicant.

Eligiblity for CarFinance.com Refinance

• Car owners with 550 through 675 FICO scores.
• Vehicles 6 years old or newer and up to 75,000 miles.

The Irvine, CA-based CarFinance.com is initially offering auto financing and refinancing in 15 states, and will roll out nationwide in the coming months.

[1] Experian Automotive, “State of the Automotive Finance Market,” 2011

[2] http://www.usatoday.com/money/autos/story/2012-01-17/cars-trucks-age-polk/52613102/1

[3] The monthly payment for a $30,000 auto loan for 72 months at 13% interest is $602.22.  After 36 payments, the balance would be $17,873.  A new 72 month loan at 13% interest would have monthly payments of $358.78, a reduction of $243.44 per month

[4] A recent survey from AAA showed that one quarter of drivers neglected repairs and maintenance on their vehicles in the past 12 months due to the economic climate. AAA, One in four Americans Could Not Pay for Major Car Repair, According to AAA Survey, 8/3/2011: t-pay-for-major-car-repair>t-pay-for-major-car-repair>t-pay-for-major-car-repair_>t-pay-for-major-car-repair>t-pay-for-major-car-repair>http://newsroom.aaa.com/2011/08/1-in-4-can’t-pay-for-major-car-repair/

About CarFinance.com
CarFinance.com (www.carfinance.com) is the first and only direct, online auto financing lender with a mission to empower the growing ranks of credit-challenged (less-than-prime) new and used car shoppers by providing a virtually paperless time- and money-saving way to get a car loan pre-approved before hitting the dealership. Through CarFinance.com, car shoppers can, from the comfort of home, or anywhere with an Internet connection, apply for a car loan to purchase a vehicle – or lower existing car loan payments by refinancing with a new loan – and complete the entire process online, keeping personal information private, safe and secure. CarFinance.com enables car shoppers to walk in to the dealership with cash in pocket and their heads held high – and to secure a better deal by confidently negotiating price as “cash buyers.”  CarFinance.com also provides consumers with easy-to-use finance empowerment tools and content, such as calculators, financing tips and advice.

CarFinance.com is led by the team that built Triad Financial, one of the largest U.S. auto finance companies, and is headquartered in Irvine, California.