Springboard Auto Car Loans Review

When searching for an auto loan that fits you, having a less-than-perfect credit score can hold you back. Those with subprime credit often face higher interest rates and fees, as well as a more rigorous vetting process when it comes to applying for auto loans. In many cases, drivers with poor credit face being locked out of the auto loans market completely, finding themselves being denied a car loan outright.

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    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%.

    Credit Score

    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.

    Loan Terms

    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

    APR
    5% - 36%
    Minimum requirements
    Annual income of $24,000 (gross)
    Soft Credit Check
    Yes
    Availability
    29 states
    Late Fees
    Yes

    How Much Can You Borrow?

    Loans range from between $7500 to $40,000.

    What Types of Vehicles Are Eligible for a Financing Loan?

    All makes and models are generally accepted. However, your car cannot be an electric vehicle, a salvaged vehicle, a heavy-duty truck, or a leased car. 

    How Do I Qualify?

    While SpringboardAuto prides itself on offering reasonable terms to low-credit applicants, there are a number of caveats you should be aware of. Here is what you will need in order to qualify for a SpringboardAuto car loan.

    What Personal Criteria Should I Meet to Get a Loan?

    • Your vehicle must be 10 years old or newer
    • Your vehicle must have less than 138,000 miles on the clock
    • You must reside in one of the states that SpringboardAuto operates in. This company currently provides loans in Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Washington, West Virginia, and Wisconsin
    • You must be employed
    • You must have a minimum annual income of $24,000
    • You must have a history of at least four previous credit accounts, such as previous loans
    • Your vehicle cannot be an electric car, a salvaged vehicle, a leased car, or a heavy-duty truck

    What Documents Should I Provide?

    If this is your first time applying for SpringboardAuto car loans, you will need some basic personal information at-the-ready in order to complete their application process. Here is the full list of what you will need to know before applying: 

    • Reported gross monthly income - you may also need to provide pay stubs
    • An estimate of your current housing expenses, including rent, mortgage payments, and utilities
    • Your driver's license
    • Your Social Security Number (SSN)
    • Your proof of residency or, if you were born overseas, proof of US citizenship 

    With this information to hand, you should be able to complete their single-page application in just a couple of minutes. 

    SpringboardAuto Fees 

    Unlike many larger loan providers, SpringboardAuto charges an origination fee on approved loans that can go up to $595, depending on the application. They also charge fees for late payment that maxes out at $100 per missed payment. Other than these, there are no additional fees charged by SpringboardAuto.

    How to Apply for a Loan?

    As mentioned, applying for an auto loan with SpringboardAuto is refreshingly quick and straightforward. Here is what to expect from their application process:

    • Head to their website and click the 'Apply Now' button on the homepage
    • Fill out the information on their application page in the order listed above
    • If you are applying via your smartphone, you can use their in-built photo-scan feature to take photos of your supporting documents with your phone camera and upload them directly onto your application
    • Click the button stating that you consent to SpringboardAuto running a 'soft' credit check on you (this will not affect your credit score in any way)
    • Click 'Submit'

    Once this is done, your prequalification decision may be made within a couple of minutes, as it is often auto-generated based on the information you have supplied. Remember that this does not mean you have qualified for the loan and that you may need to provide further information later on if SpringboardAuto deems it necessary for you to do so.

    What Payment Methods Are Supported?

    You can pay via online banking and debit cards, as well as via check.

    Can I View Loans Online?

    Yes. You can view, manage and make payments entirely online. Simply log into your account to view your loans. 

    What is the Estimated Time for Pre-Qualification and Loan Sanction?

    Speed is the name of the game with this provider. You can expect to receive pre-qualification status within hours of applying, whilst you may receive full approval within 24 hours.

    Pros and Cons

    Pros

    • One of the quickest and most user-friendly application processes available right now
    • Accepts applications with a credit score that is under 600, often with less a punishing APR than that offered by rival companies
    • Their website offers a number of tools to help you get a quick and free estimate of how much you can expect to pay \
    • No prepayment fees, meaning that you will be able to save a lot of money if you pay your loan off early
    • Minimal information needed to apply and qualify

    Cons

    • Only available in 29 states
    • Income requirement definitely on the higher end of the spectrum
    • High origination fees
    • May perform a 'hard' credit check after pre-qualification that may affect your credit scoreĀ 

    Is SpringboardAuto Right for You?

    SpringboardAuto car loans are best suited for those who have a slightly rocky recent credit history and are looking to avoid being punished for it. It is also ideal for those who prize convenience and would rather avoid the hassle of shopping around for auto loan deals. However, if you are currently a little stretched when it comes to income, this may not be the best provider for you. 

    Get Financed

    We'd recommend SpringboardAuto if you're looking for a loan that fits your credit situation without punishing you for it. If you're after convenience, SpingboardAuto offers one of the most straightforward application processes on the market right now.