Prosper Auto Loan

Prosper Auto Loan Review

Prosper Auto Loan is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Prosper auto loan are available in 48 states (and Washington, DC).

Prosper auto loan FAQ

How much can you borrow via Prosper auto loan?

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

What APR does Prosper auto loan offer on its car loans?

Prosper auto loan offers a fixed apr car 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 auto loan term you can get with Prosper auto loan?

Prosper auto loan has car loans with terms ranging from 36 to 60 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto 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 auto loan amount. Prosper auto loan deducts the fee directly from your auto 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 car loan early.

What do you need to qualify for Prosper Auto Loan?

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.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Prosper Auto 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 a car loan via Prosper auto loan?

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

Yes, 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 may help improve your credit.

Is Prosper Funding LLC a legit company?

Prosper Funding LLC was founded in 2005, it is a well-established company that has been in business for 18 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.