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Prosper Auto Loan

in Auto Loans from Prosper Funding LLC

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Prosper Auto Loan

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in Auto Loans from Prosper Funding LLC

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Highlights
Highlights
Loan Amount $2,000 - $40,000
APR  (Fixed APR) 6.95% - 35.99%
Credit Score Range 640 - 850
Loan Term 36 - 60 months

Prosper Auto Loan Review

Prosper Auto Loan is offered by Prosper Funding LLC, a marketplace lender founded in 2005 and based in San Francisco, CA. Prosper Auto Loan is offered in 48 states (and Washington, DC).

How much can you borrow via Prosper Auto Loan?

Prosper Auto Loan auto loan amounts start at $2,000 and go up to $40,000.

What APR does Prosper Auto Loan offer on its auto loans?

Prosper Auto Loan offers a fixed APR auto loan product that ranges from 6.95% APR up to 35.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum loan term you can get with Prosper Auto Loan?

Prosper Auto Loan has auto loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Does Prosper Auto Loan charge an origination fee?

Yes, Prosper Auto Loan may charge a loan origination fee of 2.4% to 5% of the loan amount. Prosper Auto Loan deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Prosper Auto Loan charge a late fee?

Yes, Prosper Auto Loan charges borrowers with a late payment penatly fee of up to $15, which is triggered if you're 15 days late.

Does Prosper Auto Loan charge prepayment fees?

No, Prosper Auto Loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like Prosper Auto Loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Prosper Auto Loan loan?

Yes, you can. Prosper Auto Loan does not charge a prepayment fee, so you can save money by paying your auto loan early.

What do you need to qualify for Prosper Auto Loan?

Applicants with a credit score of at least 640 and up to 850 are eligible for Prosper Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loans with Prosper Auto Loan, applicants need a minimum annual income of $60,000 or higher. Prosper Auto Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Prosper Auto Loan. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit

What is the estimated funding time for an auto loan via Prosper Auto Loan?

Prosper Auto Loan will typically approve (or deny) an auto loan application within 96 hours and fund the loan within 7 business days of approval.

Does Prosper Auto Loan report your account activity to credit bureaus?

Prosper Auto Loan reports your account activity to the following credit reporting agencies:

  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

PROSPER AUTO LOAN Disclosure: For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

  • Headquarters
  •   221 Main Street, Suite 300
    San Francisco, CA 94105 USA
  •   Visit Site

Message from Prosper Funding LLC

Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States.

Hours of Operation

  • Sunday Closed
  • Monday 8:00am - 9:00pm
  • Tuesday 8:00am - 9:00pm
  • Wednesday 8:00am - 9:00pm
  • Thursday 8:00am - 9:00pm
  • Friday 8:00am - 9:00pm
  • Saturday 9:00am - 5:30pm

Other Services by Prosper Funding LLC

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 48 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

Application Fee $0
No Prepayment Fee  
Late Fee After (number of days) 15
Late Fee Amount $15
Origination Fee 2.4% - 5%
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Annual Income $60,000
Supported Income Types
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Credit Score Range 640 - 850
Funding Time Range (in days) 1 - 7
Approval Speed (Hours) 96
Credit Bureau Reporting
  • TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
Pre-Approved Soft Credit Inquiry  
Loan Amount $2K - $40K
APR (Fixed APR) 6.95% - 35.99%
Loan Term 36 - 60 months

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