Looking for an auto loan with fewer restrictions on the financing and vehicle of your choice? Prosper Online Auto Loan is the answer to the straight forward process of borrowing money to buy a new or used car. They have lots of finance options to choose from, giving you more control of the car you want to buy.
Read on to find out the features of this type of loan and how you can apply.
Features of the Prosper Online Auto Loan
Prosper Funding stays true to its promise of tailored loans for customers. That being said, all the loans are geared towards the needs and requirements of the debtor, plus interest is fixed. In this article, we’re going to focus on the Prosper Online Auto Loan and discover the benefits that come with it.
Borrowing money from other lending institutions is quite complicated, with intimidating fees and limitations on the vehicle you can buy. It’s completely different from Prosper Funding. Want to refinance an existing auto loan? It’s possible. You can also borrow money to buy a truck or a motorcycle of your choice. See how flexible the auto loan is, providing you premium customer service and freedom to choose what you wish to purchase.
Another great thing about the Prosper Online Auto Loan is, you can check whether you’d qualify to borrow a certain amount or not. On the sidebar of the website, there’s a form that helps you know if you’re in a good position. It’s totally free and with NO obligation fees.
When it comes to the payment options, you’ve got lots of choices. There’s a check option, online, by phone and of course, AutoPay. The latter is the recommended option, so you won’t accumulate bigger interest charges and late payment fees. This option automatically deducts your monthly payment from your bank account on your due date. It’s hassle-free, convenient and totally money-saving.
Prosper Online Auto Loan Application
Applying for a Prosper Online Auto Loan is easy, as long as you have a decent credit score. You can apply through the Prosper website and provide your personal details. For your application to be approved, you must have a debt-to-income ratio of below 50% and have not filed bankruptcy in the last 12 months.
The verification and underwriting process takes about 7 business days. Prosper may request you to upload supporting documents or call your employer or bank for verification. Note that the minimum car loan amount is $2,000 and the maximum is $40,000.
Prosper Online Auto Loan Fees and Charges
Note that the interest rate of Prosper Funding is fixed, between 5.99% to 36.00% APR. If you have a good credit score, you can enjoy lower rates. Note that there’s an Origination Fee of 2.4-5% and this will be deducted from your loan proceeds before the money is transferred to you. It is a one-time, non-refundable fee upon getting a loan. There’s also a late payment fee of $15 if you do not pay the amount within 15 days of the due date.
Overall, a Prosper Online Auto Loan is a great choice for individuals who wish to buy a new or used card. Apply now and get the dream car of yours!