Oportun

Having opened in 2005, Oportun is a relatively new company, but that hasn’t stopped it from becoming a household name. Over 100 million people have been financially serviced by Oportun, and most of these are clients who have either limited credit histories or none at all. These borrowers, who may otherwise struggle to take out loans, will now be able to establish a credit history and demonstrate their creditworthiness.

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How do Oportun auto loans work?

While Oportun loans are available to everybody, which makes them very attractive, the rates are very hard to understand without completing the entire loan application process. The website is certainly not forthcoming with this information, but independent reviewers report the interest rates to be anywhere from 20% up to 67%.

Credit score

This lender’s unique selling point is that you can have a very poor, or even nonexistent credit rating, and still be accepted.

How much can you borrow?

You can borrow anything from $5,000 to $35,000.

What types of vehicles are eligible for financing?

There’s no stipulation on which vehicle you must finance, and you may use your auto loan however you see fit.

How do I qualify?

Oportun has the aim to service the entire country, and at the moment is slowly branching out. Its personal loans are available in 12 states, but as auto loans are a relatively new venture for Oportun, at the moment you’ll only be able to take one out if you live in California.

What documents do I need?

You should ensure you have all the necessary documents and information before you apply. At Oportun, you must prove you’re employed in order to qualify. Therefore, you’ll need to have a valid driver's license, proof of income, proof of address, four personal references from friends, family or employers, and proof of auto insurance.

What are the fees?

Aside from the high interest rate payments, there are no extra fees with Oportun.

How long does the loan process take?

The online application shouldn’t take you long at all, and once approved, you can be spending your money within three working days.

How to apply for an auto loan?

The simple online process would be the best way to apply, but you can also use the phone line if you'd like.

What payment methods are supported?

You can pay these loan payments using a bank card or transfer, or you can also set up an auto-pay option.

Oportun Pros and Cons

Pros

Anyone with any kind of credit history can apply
While the auto loans are only available in California, the company is quite vast and so you can receive plenty of customer support

Cons

The rates are unclear and very high, and you must be in California

Is the Oportun right for you?

Oportun is right for a certain group of people, and that would be desperate borrowers whose credit score is too poor to visit regular financiers. If this describes you, you'll still need to be in the state of California to be eligible.

There are some national lenders that are forgiving with creditworthiness, although you may struggle if you have no credit history whatsoever. My Auto Loan is one such financier that’ll be more lenient on those with poor credit ratings, and won’t charge you an astronomical rate as punishment.