Springboard Auto

The Good

• Flexible credit and income requirements
• Fast and simple application process

Springboard Auto employs experienced industry experts and works with people with a wide range of credit ratings and financial situations.

Borrowers only need a minimum credit score of 500 and monthly income of at least $1,100 to qualify for a loan (although you may need a down payment depending on your qualifications). You also need at least four credit accounts on your history.  Although Springboard is new to the auto loan landscape, customer reviews are overwhelmingly positive so far.

One of the most attractive benefits of this operation is that the application process is quick and painless, and applying doesn’t ding your credit report.  They do not conduct a hard credit pull (read more about hard vs soft credit inquires here).  Springboard has removed most of the cumbersome elements involved in applying for a car loan, and they provide a decision almost instantly.

The Bad

• Origination fee may be steep
• Limited number of states

There is also a potential origination fee of up to $695. This is not paid separately, rather it is tacked onto your interest rate and paid over the life of the loan (24 – 72 months).   Springboard auto loans are currently available in 20 states.

Springboard auto loans states of operation:

• Arizona
• California
• Colorado
• Florida
• Georgia
• Illinois
• Kansas
• Maryland
• Missouri
• Nebraska
• New Jersey
• New Mexico
• New York
• North Carolina
• Ohio
• Oregon
• Tennessee
• Texas
• Utah
• Washington

The Summary

You may hesitate to use an online auto loan company, particularly one that’s so new. The good news is that there isn’t much negative feedback out there about Springboard, which means they seem to be doing things right. The firm was founded by two experienced car financing professionals and is working to simplify and speed up the entire car buying process, particularly for the credit challenged.