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Innovative Funding Services

in Auto Loan Refinancing

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Innovative Funding Services

Unaffiliated

in Auto Loan Refinancing

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Overview

Where does Innovative Funding Services do business?

Innovative Funding Services is a marketplace lender based in Austin, TX. It was founded in 2007 and offers auto refinance loans in 50 states (and Washington, DC).

What are the auto loan refinancing rates offered through Innovative Funding Services?

APRs for auto refinance loans through Innovative Funding Services range from 2.49% to 25%.

What is the maximum loan term you can get with Innovative Funding Services?

Innovative Funding Services offers auto refinancing with a maximum term of 84 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 auto refinancing loan, the more interest you will pay.

Does Innovative Funding Services charge an origination fee on auto refinance loans?

No, Innovative Funding Services does not charge a loan origination fee for refinancing an auto loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does Innovative Funding Services charge a late fee?

Yes, auto refinance loans via Innovative Funding Services are subject to late payment penalty fees.

Does Innovative Funding Services charge prepayment fees?

Yes, Innovative Funding Services does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What are the key eligibility criteria for Innovative Funding Services auto loan refinancing?

Applicants with a credit score of at least 500 can apply for a loan via Innovative Funding Services. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

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

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

What is the estimated funding time for an auto loan refinance with Innovative Funding Services?

Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 0 to 1 days of approval

 

 

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Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • 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
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee
Minimum Age
18
Joint Loan Applications Accepted
  • Co-signer
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Credit Score Range
500 - 850
850 300 500
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income
$18,000
Verification Documents Required?
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Term (Months)
Up to
84
APR
2.49% - 25%
2% 36%

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