Do you need an auto loan for a new or used car? Prosper may be the place for you to finance or refinance your car.

What is a Prosper Auto Loan?

Prosper is a financial services company offering consumers loans such as auto financing. Whether you’re looking to use your loan to purchase or refinance a car, truck, or another type of vehicle, you can find the financing you’ve want. Additionally, all loans through Prosper are unsecured and has no vehicle eligibility requirements.

How does Prosper work?

You apply to Prosper for an auto loan. Checking your rate does not impact your credit score. After meeting the eligibility requirements, your loan is listed for investment by investors. Prosper underwrites loan which is funded by WebBank.

To qualify and get the best rate, Prosper assigns a grade to borrowers using their own algorithms that include credit history, scores, employment, and debt-to-income to name a few. The grade you receive determines your loan rate and origination fee.

How to Apply for  Loan at Prosper

  1. Easily check your rate without impacting your credit score. Rates currently range from 5.99-35.99% APR
  2. Choose your loan and select your amount and repayment terms between 3-5 years. You can repay your loan at any time without prepayment penalties.
  3. Receive your funds straight into your bank account through direct deposit. You'll receive it within a few days after full funding and approval.

Prosper Loan Example:
A three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a 1% origination fee for an APR of 5.99% APR. You would receive $9,900 and make 36 scheduled monthly payments of $302. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 1%-5%. Annual percentage rates (APRs) through Prosper range from 5.99% APR (AA) to 35.99% APR (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. (From Prosper website).

More Information on Prosper

Prosper was founded in 2005 and based in San Francisco. They pioneered peer-to-peer lending along with LendingClub.

Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

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