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Loans

Frequently Asked Questions (FAQ)

Find answers to common Auto Refinance Loan questions below! If you can’t find what you’re looking for, you can contact us by using the blue chat box at the bottom of this page, calling 866-584-3651 ext 302, or emailing loans@goodfund.us. We are open Monday through Friday from 9am to 5pm ET.

Application Process:

  1. How do I apply?
  2. Who is eligible to apply?
  3. What are the benefits of refinancing?
  4. What is the overall Auto Refinance loan process with Capital Good Fund?
  5. What type of car loans do you offer?
  6. What are the specific terms and conditions I should be aware of before applying?
  7. Can I refinance my existing Capital Good Fund Auto loan with you?
  8. What happens if the balance on my current loan is larger than the vehicle’s value?
  9. Are there any type of vehicles Capital Good Fund does not finance?
  10. Does Capital Good fund have prepayment penalties?
  11. When will I receive proof that my current loan has been paid off?
  12. In what states do you offer the Auto Refinance loan?
  13. Do I have to pay a fee to apply for the Auto Refinance loan?
  14. When will I know if my Auto Refinance loan application was approved?
  15. I still cannot find my answer, can I call someone?

Approval:

  1. If approved, how long will my offer last?
  2. How do I sign the Auto Refinance loan agreement?
  3. How do I check the status of my Auto Refinance loan application?
  4. How does interest accrue on my loan?
  5. Is there a down payment requirement?
  6. How will I make the down payment?
  7. I still cannot find my answer, can I call someone?

After Closing:

  1. I closed my Capital Good Fund Auto Refinance loan, what do I have to do next?
  2. When is my first payment due?
  3. What are the options for making payments on my Auto Refinance loan?
  4. How do I request a letter showing how much interest I have paid the previous year?
  5. How can I payoff my loan?
  6. Where do I get the payoff amount?
  7. Why do I have to install GPS Tracking Devices on my vehicle? How will it be installed?
  8. Are there any fees for installing the GPS tracking device?
  9. Will GAP insurance policy remain in effect once I refinance with Capital Good Fund?
  10. I still cannot find my answer, can I call someone?

Application Process

  1. How do I apply?
    The best and fastest way to apply is by completing our online application! You can also choose to apply over the telephone. If you are in Rhode Island, you may make an appointment with one of our Loan Officers to complete the application in our Providence office. Call us at 866-584-3651 ext. 302 to schedule your appointment.
  2. Who is eligible to apply?
    Applicants must be a least 18 years of age, and reside in Rhode Island, Florida, or Massachusetts.
  3. What are the benefits of refinancing?
    Refinancing your existing auto loan may have great benefits. First, it may reduce your monthly payment by reducing your interest rate, extending your loan term, or both. You may also have additional savings by reducing the overall interest paid over the life of the loan.

    Keep in mind that the calculation of savings posted on our website are based on a simple average from information gathered from our existing Auto Refinance Loan clients. Capital Good Fund does not guarantee that individuals will have a specific amount of savings by refinancing with our organization.

    Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation. Although your new monthly payment may be lower, we advise you to carefully consider the potential increase in interest charges you may pay and the additional years that it will take to pay off your loan by refinancing.
  4. What is the overall Auto Refinance loan process with Capital Good Fund?
    Our Auto Refinance process is simple!
    1. Complete our online application.
    2. Submit your three most recent bank statements. You can safely attach them to your loan application, email them to loans@goodfund.us, or fax them to 866-254-0219.
    3. Your Loan Officer will contact you with a decision within 1-2 business days.
    4. If approved, we will ask you to send additional documents before the loan closing can be scheduled. You will receive this information directly from your Loan Officer.
    5. Once all the supporting documents have been received and reviewed, you and your Loan Officer will coordinate to schedule the loan closing. If you are in Rhode Island, you can choose to visit our office at 22 A Street Providence, RI 02907; otherwise, you will receive a secure and convenient electronic loan package.
    6. Once the Auto Refinance agreement has been signed by both you and your Loan Officer, we will fund your loan and disburse the funds to your current lienholder to pay off your Auto Loan with them.
    7. You will be contacted by Spireon to schedule the installation of the GPS device in your vehicle. This appointment must be made within seven days of the loan closing.
    8. Obtain the title, lien or both, from your current lienholder and take it to your local Division of Motor Vehicle to complete the registration and titling process. Capital Good Fund will be added as the first and only lienholder. You are responsible for the cost associated with this step.
    9. We are here to help you through every step of the way! Contact us at 866-584-3651 ext. 302, or via email at loans@goodfund.us if you have questions or need further assistance.
  5. What type of car loans do you offer?
    We offer financing options for the purchase of new and used cars, as well the refinance of an existing auto loan.
  6. What are the specific terms and conditions I should be aware of before applying?
    The specific terms of your Auto Refinance Loan will be determined by a variety of factors. You should be aware of the following:
    1. Our loan amounts are between $8,000.00 and $20,000.00.
    2. APR will vary between 8.48% and 16.04.%
    3. Loan-to-Value restrictions will apply. Loan-to-Value is calculated using the specific vehicle values from the NADAguides.
    4. A $300.00 minimum down payment will be required. This amount might be larger depending on your specific loan application and loan offer.
    5. We require GPS tracking devices to be installed in the vehicle within seven days of the loan closing. Please refer to the “Why do I have to install GPS Tracking Devices on my vehicle?” for more information.
    6. There is a closing fee of $24.00.
    7. You will be responsible for completing the titling and registration process of the vehicle once the title is released to you.
  7. Can I refinance my existing Capital Good Fund Auto loan with you?
    Yes! If you already have a Capital Good Fund Auto Loan, and would like to see if you can qualify for a lower interest rate, or to extend your loan term, you are more than welcome to apply. Please contact our office by calling 866-584-3651 ext. 302 or by emailing us at loans@goodfund.us for more information.
  8. What happens if the balance on my current loan is larger than the vehicle’s value?
    You may be asked to either make a larger down payment to Capital Good Fund to cover the difference between the loan offer and your current loan balance, or you can choose to reduce your outstanding balance with your existing lender directly before proceeding with the loan closing.
  9. Are there any type of vehicles Capital Good Fund does not finance?
    1. Vehicles that are older than 10 years
    2. Vehicles with more than 115,000 miles at the time of the loan closing
    3. Vehicles with salvage, branded or rebuilt titles, or lemon law vehicles
    4. Vehicles used for commercial and/or business purposes, or conversion or delivery vehicles
  10. Does Capital Good fund have prepayment penalties?
    We do not have any prepayment penalties. You can prepay all or a portion of your outstanding balance without incurring any additional fees or interest.
  11. When will I receive proof that my current loan has been paid off?
    Once you have signed your Auto Refinance loan agreement, you will also receive a email from your Loan Officer confirming that the loan has been funded and the funds have been disbursed to your current lienholder.
  12. In what states do you offer the Auto Refinance loan?
    Rhode Island, Florida, and Massachusetts.
  13. Do I have to pay a fee to apply for the Auto Refinance loan?
    There is no application fee
  14. When will I know if my Auto Refinance loan application was approved?
    Loan decisions are conveyed within 1-2 business days from the day the application is placed under review. In most cases, your Loan Officer will notify you via email, but you might also receive a phone call.
  15. I still cannot find my answer, can I call someone?
    Our team of experienced Loan Officers and Client Services Officer is eager to assist you. You can contact us by using the blue chat box at the bottom of this page, calling 866-584-3651 ext 302, or emailing loans@goodfund.us. We are open Monday through Friday from 9am to 5pm ET

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Approval

  1. If approved, how long will my offer last?
    Your credit offer will be valid for 21 days
  2. How do I sign the Auto Refinance loan agreement?
    The loan agreement will be securely signed electronically. We will email you the loan package to be signed after all the closing documents have been received and verified.
  3. How do I check the status of my Auto Refinance loan application?
    You can check the status of your application online, by emailing or calling your Loan Officer directly, or by contacting the Lending Department at 866-584-3651 ext. 302, or via email at loans@goodfund.us.
  4. How does interest accrue on my loan?
    The interest on your loan will accrue daily from the date the loan contract is signed. Payments will be applied first to fees, and lender’s out-of-pocket expenses, interest, and then, if any left, to the principal.
  5. Is there a down payment requirement?
    The minimum down payment amount is $300.00. We might require a larger down payment based on specifics from your credit application and loan offer.
  6. How will I make the down payment?
    We will debit the down payment amount directly from your bank account via ACH. If you are visiting our office to complete the loan closing, you can also pay with cash, check or money order
  7. I still cannot find my answer, can I call someone?
    Our team of experienced Loan Officers and Client Services Officer is eager to assist you. You can contact us by using the blue chat box at the bottom of this page, calling 866-584-3651 ext 302, or emailing loans@goodfund.us. We are open Monday through Friday from 9am to 5pm ET

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After Closing

  1. I closed my Capital Good Fund Auto Refinance loan, what do I have to do next?
    Obtain the title, lien release, or both from your former lender. Take it to your local Division of Motor Vehicle and complete the titling process to place Capital Good Fund as the only lienholder. The cost associated with this transaction will be covered by you.
  2. When is my first payment due?
    Your first payment will be scheduled to be within 2-7 weeks from the date of loan closing. You will choose from the 1st, 5th, 15th or 25th of the month as your regular payment date.
  3. What are the options for making payments on my Auto Refinance loan?
    As part of the Auto Refinance Loan Agreement, all of our borrowers are required to authorized automatic monthly payments to be debited via ACH from the bank account used during evaluation. After the loan is created, you may choose to make cash payments at our office, or mail in checks or money orders. This last option is subject to a $3.00 processing fee with each payment.
  4. How do I request a letter showing how much interest I have paid the previous year?
    Contact our Loan Servicing Department by calling 866-584-3651 ext. 302, or via email at service@goodfund.us.
  5. How can I payoff my loan?
    Contact our Loan Servicing Department by calling 866-584-3651 ext. 302, or via email at service@goodfund.us, and request your payoff amount. You can then authorize the payment to be debited from your bank account, or mail in a check, money order or official bank check.
  6. Where do I get the payoff amount?
    Contact our Loan Servicing Department by calling 866-584-3651 ext. 302, or via email at service@goodfund.us.
  7. Why do I have to install GPS Tracking Devices on my vehicle? How will it be installed?
    We have utmost commitment to protecting your privacy, and conduct business with complete transparency. The GPS tracking devices are installed in all vehicles financed through Capital Good Fund as an added security measure, for both you the client, and us the lender. The use of these devices is designed to ensure the borrower’s on-time payment of the loan, and otherwise maintenance of the vehicle compliance with our loan agreement.

    The Device will be installed by Spireon, a nationally recognized company. Our team, after the closing is done, will submit an installation request with Spireon and afterwards, they will be in contact with you in order to coordinate the best time and place to have the GPS device installed.

    If you have further questions about this requirement, please contact our Lending Department by calling 866-584-3651 ext. 302, or via email at loans@goodfund.us.
  8. Are there any fees for installing the GPS tracking device?
    The cost of the installation and purchase of the device is covered with the down payment we require for the loan closing.
  9. Will GAP insurance policy remain in effect once I refinance with Capital Good Fund?
    We will finance the payoff of your existing auto loan. We will not finance new GAP coverage to cover any cancelled coverage due to refinancing. To determine if your GAP policy terminates upon refinancing, consult your GAP agreement or contact your GAP provider.
  10. I still cannot find my answer, can I call someone?
    Our team of experienced Loan Officers and Client Services Officer is eager to assist you. You can contact us by using the blue chat box at the bottom of this page, calling 866-584-3651 ext 302, or emailing loans@goodfund.us. We are open Monday through Friday from 9am to 5pm ET

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