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Springboard Auto

September 19, 2017 by Leave a Comment

Springboard Auto

Springboard Auto

Offers auto financing for new purchases as well as refinancing of current loans.  Best fit for 500-680 FICO score

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4.7
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Auto Loans › 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.

Ratings Breakdown

Loan Amount$45,000

Max Length6 years

Credit ScoreMinimum of 500 FICO

APR RangeAverage is 12%

Availability20 states

Year Founded2015

Review Last Updated: September 19, 2017

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.