CarFinance.com has announced that the company has introduced a virtually paperless, direct-to-consumer auto loan refinancing solution for the credit-challenged.

CarFinance.com makes new and used auto loans – and now refinancing – simple, secure and anonymous for the less-than-prime credit sector, empowering the tens of millions of credit-challenged consumers who have previously had few auto loan options. Refinancing can significantly reduce monthly auto payments. For example: A $30,000 new car loan for 72 months could have a $600 monthly payment in Q4 2008.

“Not only are consumers holding onto their vehicles for longer than ever 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.”

There is an opportunity to refinance the balance and reduce the monthly payments by $200 per month or more as many consumers are holding on to their cars for longer periods. And, lowered monthly payments means more available cash to help car owners pay off other bills or unexpected expenses. 

According to studies, consumers have been delaying car maintenance and it can now help car owners afford that. Ensuring both the safety and the extended life and value of their vehicles, car owners can put more focus on vehicle maintenance, afford many of those needed car repairs by refinancing to lower monthly payments.

The company was recently launched with a mission to empower the car buyers (36 percent) who have less-than-prime credit. 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.

While many websites imply they are real lenders because they provide an application, most are simply selling the consumer's private information elsewhere.