However, a thriving industry has emerged over the past decade that aims to cater to those with subprime credit, promising to provide access to auto loans on reasonable, generous, and manageable terms. One of these companies is SpringboardAuto, a three-year-old loan provider originally started by a pair of loan industry veterans.
While they are not explicitly a bad credit car loan provider, they do offer reasonable terms to drivers whose credit is not ideal. In addition, SpringboardAuto claims its unique selling points to be convenience and simplicity, with a straightforward mobile application process requiring minimal information and documentation to be provided.
They may not be the largest provider of auto loans and auto refinancing on the market right now, but they have rapidly amassed a solid reputation as a provider that can offer a sense of understanding and a truly no-nonsense approach to borrowing.
If you're wondering whether this company is right for you, read this in-depth SpringboardAuto car loans review to find out more.
SpringboardAuto Financing Offers
In a nutshell, SpringboardAuto offers car loans and auto loan refinancing to customers with less than perfect credit. The average credit score of borrowers from this provider is around 600, which will typically result in an interest rate of 12%, according to the latest customer data. The lowest possible APR available through SpringboardAuto is 5%, while the upper limit is 36%.
It is worth noting that your APR is largely affected by your credit score, meaning that only those with a higher FICO score (usually defined as 650 or above here) will have access to the lowest interest rates. SpringboardAuto features an adjustable sliding scale feature on their website that you can use to get a rough idea of what your APR will be based on your current credit score.
Their loan terms vary widely, ranging from 24 to 72 months, putting them slightly on the upper end of the scale in terms of loan length. SpringboardAuto loans start at $7500 and their upper limit is $40,000. If your car costs do not fit within this range, you will most likely be denied a loan outright, according to customer reviews.
Lending Tree Auto Loans Overview
5% - 36%
Annual income of $24,000 (gross)
Soft Credit Check