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 $9 billion in loans, and the company has an A+ rating with the BBB.
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.
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.
Prosper offers auto loans ranging from $2,000 to $35,000.
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.
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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