Based in San Francisco, Prosper is one of the most successful lending marketplaces in the world. Using crowdsourcing to connect borrowers with potential investors, the company offers a variety of personal loans to help consumers finance debt consolidation, home improvement projects and special occasions in addition to financing or refinancing vehicles. Prosper lenders have helped fund over $10 billion in loans, and the company has an A+ rating with the BBB.
How Do Prosper’s Auto Loans Work?
Prosper offers auto loans to purchase or refinance a car, truck or other types of vehicle. There are no vehicle eligibility requirements regarding mileage or age and loans have fixed terms of 3 or 5 years.
What Are Prosper’s Auto Loan Rates and Fees?
Prosper’s rates range from 5.99% APR to 36.00% APR based on a borrower’s creditworthiness.
Borrowers are charged an origination fee, which Prosper refers to as a closing fee, that can range from 0.50% to 4.95% based on a borrower's creditworthiness. Prosper does not charge a prepayment fee.
How Much Money Can I Borrow from Prosper for Auto Loans?
Prosper offers auto loans ranging from $2,000 to $35,000.
What Is Prosper’s Application Process Like?
To be approved for a Prosper loan, potential borrowers are required to fill out an online application, which has fields to enter contact information, credit quality and desired loan amount. Prosper initially performs a soft credit pull to see what custom rate a borrower is eligible for. Some applicants receive a rate in minutes, but the company gives a general disclaimer that applicants who have provided all the required information and documentation can expect to receive a reply within two to four days.
How Are Prosper’s Auto Loans Better than Other Auto Loans?
With Prosper, borrowers can finance or refinance the vehicle of their choice. Borrowers can purchase a new or used car from a dealer or private party, and there are no vehicle eligibility requirements regarding mileage or age. The loan rates are competitive, and borrowers will receive money directly deposited into their account.
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