Features

Where does Innovative Funding Services do business?

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).

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 for a Innovative Funding Services refinance loan?

Innovative Funding Services offers auto refinancing loans with terms of up to 84 months.

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?

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:

  • 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

 

  • Max Loan Term (Months)
    84
  • Institution Type
    Marketplace Lending Platform
  • Credit Score Range
    500 - 850
  • 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
    Co-signer
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Minimum Annual Income
    $18000
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • 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
  • No Origination Fee
  • Approval Speed (Hours)
    24
  • Funding Time Range (in days)
    Up to 1
  • Joint Loans Available
  • APR
    2.49% - 25%
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