Innovative Funding Services is a marketplace lending platform based in Austin, TX. It was founded in 2007 and offers auto refinance loans in 50 states (and Washington, DC).
APRs for auto refinance loans through Innovative Funding Services range from 2.49% to 25%.
Innovative Funding Services offers auto refinancing loans with terms of up to 84 months.
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.
Yes, auto refinance loans via Innovative Funding Services are subject to late payment penalty 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.
Innovative Funding Services requires borrowers to have a credit score of at least 500 to apply for auto loan refinancing.
To qualify, applicants may need to provide the following documentation:
Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 0 to 1 days of approval