CarFinance.com Launches to Empower Credit-Challenged Car Shoppers

IRVINE, Calif., Jan. 17, 2012 /PRNewswire/ -- CarFinance.com (www.carfinance.com) launches today with a mission to empower the more than 1 in 3[1] car buyers (36%) who have less-than-prime credit. Unlike other websites that promise to provide financing, only to then sell loan applicants' information elsewhere, CarFinance.com puts a check in hand. Its direct online loan application, timely approvals, helpful loan agents, and referrals to dealers who offer a 'no-hassle' experience are designed to improve the process for credit-challenged consumers. And finally, the financing process can be electronically completed from the comfort and privacy of one's home.

Led by an experienced team that built one of the first web-based U.S. consumer auto finance companies, CarFinance.com is a new time- and money-saving way for car shoppers to get their loans approved and ready to fund before hitting the dealership. The entire process is simple and paperless, and can happen in the same day, which means that shoppers of all credit types can walk into car dealerships with cash in pocket and their heads held high.

"These days consumers can accomplish pretty much everything on the Internet, but, until now, consumers with less-than-prime credit haven't been able to complete the entire loan process directly online," said CarFinance.com president and CEO Jim Landy. "While many websites imply they are real lenders because they provide an application, most are simply selling the consumer's private information elsewhere. CarFinance.com's direct lending process eliminates that obstacle, turning credit-challenged shoppers into cash buyers: newly empowered to select a vehicle online, because they know their price range - and at the dealership, because they don't get bogged down in the approval process or negotiating payment terms."

The site also arms consumers with finance research tools such as multiple, easy-to-use loan calculators and helpful financing tips and articles.

The CarFinance.com Difference:

• Simple, Secure, and Private: everything is completed online
• Speed and Support: quick credit decisions and one-on-one customer service
• No Strings Attached: no application fees, no obligation to use loan
• Focus on the Car, Not the Financing: simplifies the car shopping process
• Lender, Not Lead Broker: direct financing means consumer is not resold as a finance 'lead'
• Mid-market, Non-prime Credit: focus on buyers with 550-675 FICO scores
• Anonymity, Dignity and Security: personal info remains confidential, safe and secure

Loans for Less-than-Prime Car Shoppers Roaring Back:

CarFinance.com hits the market just when credit-challenged car shoppers - whose ranks swelled during the recent recession - need it most. During the downturn not only did 50 million people see their FICO scores plunge by more than 20 points,[2] the number of approved, non-prime auto loans also plummeted: from pre-recession approval rates of 60%, to only 5-9% across 2009-2010,[3] leaving this vast population woefully under-served. Today, nearly half of all Americans (47%) fall into the less-than-prime (sub-670 FICO score) credit category,[4] but thankfully, credit to this car shopper is seriously loosening: new-vehicle loans made to below-prime customers increased 22% in 2011 over 2010.[1]

Consumers Save Money - and Are Far More Satisfied - With Direct Lending

Consumers can realize distinct advantages from online direct auto financing. Independent research has shown that car buyers who arrive at the dealership with direct, pre-approved lending can save significant money and enjoy a better buying experience. Meanwhile, twice as many direct, upfront financed car buyers are 'delighted' with their lending experience compared with dealer-arranged financing. And they can save precious time: consumers, on average, spend an hour in the F&I department, versus a few minutes online with CarFinance.com.

"Many credit-challenged consumers have been reluctant to even think about buying a vehicle because an anonymous and efficient financing process wasn't available," said Landy.  "But with CarFinance.com all the uncomfortable issues are removed from the process - no more sitting face-to-face in the dealer's finance department explaining your past financial problems, where you work or live, and how much money you make. Now that this can all take place privately online, it turns once-hesitant consumers into eager car buyers."

The Irvine, CA-based CarFinance.com is initially offering auto financing in 14 states, and will roll out nationwide in the coming months.

About CarFinance.com

CarFinance.com's (www.carfinance.com) management has helped hundreds of thousands of consumers with less-than-perfect credit purchase a quality, late-model vehicle. Its mission is to empower the growing ranks of less-than-prime new and used car shoppers by providing an anonymous time- and money-saving way to get their car loan pre-approved before they hit the dealership. Through CarFinance.com car shoppers can apply for a new or used car loan, or lower their existing car loan payments through refinancing, from the comfort of home - and because the entire process is completed online, personal information is kept private, safe and secure. CarFinance.com enables car shoppers to walk into the dealership with cash in pocket and their heads held high, and secure a better deal by confidently negotiating price as "cash buyers." The site also provides consumers with easy-to-use finance empowerment tools and content, such as calculators, articles, 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.

Media contacts:
Melanie Webber, mWEBB Communications, (424) 603-4340, [email protected]
Angela Jacobson, mWEBB Communications, (714) 454-8776, [email protected]

SOURCE CarFinance.com

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