FAQ - Frequently Asked Questions at CarFive
- Does CarFive Offer Financing? - Yes. We offer financing through several finance sources, for all types of credit starting at a low 2.4% interest rate. Most of our customers’ financing decisions are available in 15 minutes or less.
- Can I use my bank or credit union to finance my purchase? - Yes. However in most cases our banks have better terms and they can always rate match any other bank.
- If I have bad credit, can I still finance and get approved? - Yes, as long as you are 18 or older, we can approve you.
- Can I use my credit card for a down payment? - Yes. We accept credit cards payments. All transactions on credit cards have a 2% fee. Debit cards have no fee.
- What down payment do I need? - Your down payment is based on the result of your CarFive Financing Application and is based on different factors such as your credit history, income, and the price of the vehicle. Once you apply (online or in person), we will check and in just a few minutes let you know how much you will need. If your down payment is higher than what you have, you can use a co-signer with a stronger credit.
- How much will my monthly payments be and for how long? - Your monthly payments will depend on different factors: the price of the car you chose, your down payment, and your credit history. The term for the loan will also depend on these same factors. Just like the down payment required, we will let you know all options after you fill up a credit application.
- When is my first monthly payment due? - If you finance a car with one of our banks, your first payment typically will be around 30-45 days from the purchase day.
- If I have a current open loan, can I trade and finance a new car? - Yes. You need to come to our store with your current car. Once you come, we can check how much your trade will be worth.
- How do I apply for Financing? - You can apply two different ways: First option is on our website at https://www.carfive.com/creditapp? or you can come in person to one of our stores and apply with someone from our team.
- Are the prices negotiable? - All our vehicles are very reasonably priced but we give our best "No Haggle" price upfront. Cash or finance is the same price.
- Are there any additional fees on the price? - The only fee we have is our dealer fee, which is $499. All other fees are legal fees for the state of MA (sales taxes and registration). If you live out of state you don’t pay MA legal fees, only the dealer fee.
- What are the payments options? - We accept cash, bank checks made to "CarFive", debit cards and credit cards with a 2% fee. Note: the additional 2% cost is exclusively for credit cards.
- When can I drive the car out of the lot? - If you buy cash (not financed), usually you can drive the car away the same day depending on when you can get insurance. When you finance it may take a few days for the whole process to be ready and then you can pick it up.
- Can I put a car on hold? - Yes. If you test drive and love the car, you have the option to pay $100 to hold the car for you. The vehicle will be held for 7 days. You may come back during this time to finish the purchase. Once you come back to finish the purchase, your $100 credit will be used towards the payment. If for any reasons you do not buy the car in 7 days, the vehicle will be available again and the deposit will not be refunded.
- Do I need an appointment to see the cars? - Usually no. You can come to one of our stores any time during our business hours and someone from our team will assist you. If you need any additional information before coming, you can call our main number and we will try to answer all your questions.
- Can we inspect the car by a 3rd party before buying? - Yes. We allow all our clients to take any car to their own mechanic to inspect the vehicle before making a decision.
Trade-Ins and Selling my Vehicle
- Can I trade a vehicle still financed? - Yes. It is possible. You need to bring the car to our shop, and someone from our team will assist you in this situation.
- Can I trade in a vehicle? - Yes, we will need to see the vehicle in person for an evaluation.
- Can I sell a car to CarFive without buying? - Yes, we will need to see the vehicle in person for an evaluation.
- I have negative Equity / I owe more on my trade than it is worth. - When you have negative equity it is usually the combination of paying too much for the vehicle as well as carrying over from your last purchase. We are experts when it comes to getting you a clean slate. We offer you a below wholesale price to offset the negative equity on your vehicle so you can qualify for a bank loan.
- What can I expect for my trade in? - We use a variety of sources to appraise trade ins. As a general rule please check Kelly Blue Book trade in to determine the value of your trade in . We typically pay between fair and good as long as the condition of the vehicle is good to excellent. Also we maintain the right to give more or less depending on a test drive and other factors.
- Do all the cars come with warranty? - Yes. Our warranty varies from 30-90 days depending on the mileage. This warranty is 100% free and covers engine and transmission only.
- Can I add extended warranties? - Yes, all the cars you have the option to add an extended warranty. The prices vary by car, mileage, and year. Extended warranties cover several problems that can happen on a vehicle. We will provide all details and exact prices once you choose the car.
- Can I add extended warranty after I buy the car? - Yes, you have 30 days from when you purchased your vehicle to decide whether or not you want to purchase an extended warranty.