A loan connection service that specializes in refinancing, lease buyouts and company car purchases.

Finding a loan to refinance your current auto loan, buy out a lease or purchase a company car has its limits. That’s where Innovative Funding Services (IFS) comes in. This loan connection service works with lenders specializing in these kinds of loans, with options available for poor-credit borrowers. Your credit score will take a hit when you fill out the prequalification form, however, and the company isn’t upfront about rates, terms and loan amounts you may qualify for.

First, am I eligible?

To qualify for refinancing with IFS, you must meet the following criteria:

• Have made at least four payments on your current loan.
• Employed or have a verified source of income.
• Have at least $1,500 of verifiable gross monthly income.
• Your vehicle is 2009 or newer.
• Your vehicle has less than 100,000 miles.
• No history of repossessions.
• No open bankruptcies.
• Not past due on current auto or mortgage loans.

While it doesn’t have any hard credit score requirements, IFS mentions that it works with lenders that offer financing to individuals with credit scores as low as 575.

What makes Innovative Funding Services unique?

IFS is a car loan connection service that works with a network of lenders. By filling out one form, you’ll have your information compared against the requirements of several different auto loan providers. What really sets IFS apart is how closely they work with customers on the titling process. Rather than leaving it to the loan provider or a middleman, IFS facilitates all title work.

It also offers gap insurance, service protection plans and tire and wheel protection in addition to refinancing, lease buyouts and company car purchases. Personal finance advisers are available to help walk you through the process and find the loan that’s best for you.

What types of car loans does Innovative Funding Services offer?

Three types of loans are offered by IFS:

• Lease buyout. Fall in love with the car you’ve been leasing? IFS can help you find financing to purchase it.
• Refinance. If you got stuck with a high APR and monthly payments on your current car loan, one of IFS’s partners may be able to help you refinance your auto loan to save you money in the long run.
• Company car purchase. Did your company offer you a great price on one of its fleet? Get funding to purchase your company car through IFS.

It isn’t upfront about potential terms, rates and loan amounts you might qualify for, however. You’ll need to call or fill out the prequalification form to know exactly what you’re getting into with one of IFS’s partner lenders.

What are the benefits of Innovative Funding Services auto loans?

• Free to prequalify. You won’t have to pay an application fee to check if you qualify with one of IFS’s partner lenders.
• Multiple loan offers with one online form. IFS saves time by matching your online form against several providers at once.
• Title facilitation. Titles are handled by IFS directly to eliminate additional handoffs. You’ll be able to contact the professionals in charge of the title at any time during the process.

What to watch out for

• Hard credit pull to prequalify. Your credit takes a hit when you submit your prequalification form. Other lenders allow you to prequalify for certain terms and rates without affecting your credit.
• Loan handoff. IFS matches you with a partnered lender and helps with the title process, but after the title work is done, you’ll only interact with the lender who offers you the loan. This can potentially make for a disjointed experience.
• Not transparent about potential rates. Working with several different lenders means APR ranges depend on your qualifications. However, IFS doesn’t mention any minimum or maximum loan amounts or terms, either, which makes it hard to know exactly what you’re getting into.

Compare other car loan providers

What do customers say about Innovative Funding Services?

Innovative Funding Services has been accredited with the Better Business Bureau (BBB) since 2010 and earns an A- rating as of August 2018. Of its nearly 200 customer reviews, almost 90% of them are positive, giving the company a composite score of 4.4 out of 5 stars. Positive reviews outweigh the negative, with customers praising how easy it is to get a loan and its customer service.

How do I get started?

1. Go to the IFS website and click Apply Now.
2. Select your loan type: Lease Buyout, Refinance or Fleet Purchase.
3. Fill out the vehicle information including the make, model, year and mileage. Click Next.
4. Fill out your personal information including your full name, email address, phone number, date of birth, driver’s license number and Social Security number.
5. Fill out your physical address, residency payment type, monthly payment and the time you’ve been at the address. Click Next.
6. Fill out your employer information including the company’s name, address and phone number, as well as your income information.
7. Review your details and submit the form.

It can take up to 48 business hours for IFS to get back to you with any potential offers you qualify for. The average processing time — from prequalification to close — is nine to 14 business days.

How to apply step-by-step with screenshots

• Go to the IFS website and click on 'Apply Now'

  

• Select your loan type

  

• Enter your vehicle information

  

What documents do I need?

To fill out the prequalification form with IFS, you’ll need a few documents on hand:

• Driver’s license
• Vehicle registration
• Social Security number
• Bank statements for income information

I got the Innovative Funding Services auto loan. Now what?

Once you’re approved and accept the terms of the loan, you’ll be working with the lender you’re matched with, not IFS.

Fees and payment structures are determined by the lender and are outlined in the terms before you accept them. Talk with your provider to see if you can set up autopay, if they have an online account service and how you can avoid any potential fees.

Bottom line

IFS offers a matching service for specialized auto financing options. The nature of loan matching doesn’t allow for easily-defined specifics, and a prequalification form requires a hard pull on your credit to get an idea of what options are available — if any. Before you apply with IFS, it may be worth your time to compare your car loan options and look into lenders that provide a little more information upfront.

Frequently asked questions

• Do I have to prove my income?

  Not necessarily. Depending on your credit score, you may be able to get by without having to prove your level of income.

• What if my car has over 100,000 miles on it?

  You may be able to qualify for financing with a high-mileage vehicle if your credit score is above 650.

• Can I refinance my motorcycle?

  If your motorcycle is considered high end, you may be able to refinance it.

• Can I stop paying my old loan once I accept the terms of the new loan?

  You should continue to make payments until the prior loan shows a zero balance.

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