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Prosper auto loans review

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Unsecured financing from $2,000 to $40,000 with no age or mileage restrictions.


Min. Loan Amount


Max. Loan Amount

6.95% to 35.99%



Product NameProsper Auto Loans
Min. Loan Amount$2,000
Max. Loan Amount$40,000
APR6.95% to 35.99%
Interest Rate TypeFixed
Requirements640+ credit score, debt-to-income ratio below 50%, no bankruptcies within the past year, less than 5 inquiries on your TransUnion credit report within the last 6 months, 3+ open trade lines on TransUnion credit report, ages 18+

Review by

Jennifer Gimbel is a senior editor at Finder, where she works on EAT initiatives to bolster the expertise of our writers, authority of our brand and trust of our readers. In late 2020, she launched Finder's Editorial Review Board, which consists of experts across the lending, personal finance, legal and medical industries reviewing our content for accuracy and trust. Before joining the Finder crew, Jennifer spent over five years informing digital content strategy at Disney Consumer Products and Interactive Media.

Expert review

Prosper auto loans are ideal if you don’t want to secure your loan with the vehicle you’re purchasing. Instead, you’ll take out an unsecured personal loan to buy any type of vehicle you want — with no age or mileage restrictions.

However, it’s not the fastest lender out there since its loans are funded by investors. And it doesn’t offer the most competitive rates. You could also face an origination fee of up to 5% depending on your credit profile.

Prefer working with a traditional car loan provider? Compare your other options below.

First, do I qualify?

The minimum criteria for a Prosper auto loan includes:

  • Credit score of at least 640
  • Debt-to-income ratio below 50%
  • No bankruptcies filed within the past year
  • Less than five inquiries on your TransUnion credit report within the last six months
  • At least three open credit lines on your TransUnion credit report
  • At least 18 years old

What makes Prosper auto loans unique?

Prosper was the first peer-to-peer lending marketplace in the US, and its loans are funded entirely by the company’s increasing number of investors. Unlike traditional auto loan providers that use your car as collateral, Prosper offers unsecured personal loans to buy any type of vehicle — including motorcycles, RVs and boats. And unlike many providers, there are no age or mileage restrictions for used vehicles.

However, because its loans aren’t backed by the vehicle you’re purchasing, rates are on the higher side compared to traditional auto lenders.

What types of auto loans does Prosper provide?

Prosper offers several types of personal loans used to purchase a vehicle or refinance your existing auto loan:

  • New car loans. Funding for the purchase of a new vehicle from a dealership.
  • Used car loans. Money to buy a preowned vehicle from either a dealership or private seller.
  • Auto loan refinancing. Pay off your existing auto loan with one that has better terms or rates.

Other vehicle financing options from Prosper

Prosper loans can also be used to purchase new or preowned motorcycles, RVs and even boats. The terms, fees and rates are no different in these cases, since you’ll be taking out the same unsecured personal loan through Prosper.

What are the benefits of Prosper auto loans?

Prosper’s unique peer-to-peer lending platform gives several benefits to borrowers:

  • No vehicle eligibility requirements. Prosper auto loans can be used to purchase new or used vehicles of any kind, regardless of their age, type or mileage.
  • Prequalify without affecting your credit. Checking the rate you might qualify for won’t affect your credit score. A hard inquiry will only appear if you decide to follow through with the full application.
  • Unsecured loan. Unlike traditional car loans that are secured by the vehicle you’re purchasing, you don’t risk losing your car if you fall behind on repayments.

What to watch out for

Prosper auto loans have several attractive features, but there are some potential drawbacks to consider as well:

  • Origination fee. Prosper charges an origination fee of up to 5% of the loan amount, meaning how much you actually receive will be less than what you applied for.
  • Higher rates. If your credit score is low and you’re deemed a risk by Prosper’s underwriting criteria, your loan could have a fixed APR of up to 35.99%.
  • Slower turnaround time. It could take up to five days to get your money because you need to wait for an investor to fund your loan. Other online auto loan providers can get you funds in as little as one day.

Compare your other car loan options

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Starting at 1.04%
Up to 10 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
No minimum credit score
3.9% to 27.9%
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
No minimum credit score
Varies by network lender
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.

Compare up to 4 providers

Prosper reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.5 out of 5 stars, based on 54 customer reviews
BBB customer complaints 123 customer complaints
Trustpilot Score 1.5 out of 5 stars, based on 4,507 customer reviews
App Store Score 4.7 out of 5 stars, based on 1,084 customer reviews
Google Play Score 3.9 out of 5 stars, based on 197 customer reviews
Customer reviews verified as of 19 October 2020

As of October 2020, Prosper has a decent reputation in terms of online reviews. While its Better Business Bureau (BBB) profile pulls a disappointing 1.5 out of 5 stars, it’s only based on 54 customer reviews. Its Trustpilot profile, however, has over 4,500 and a much more favorable rating of 4.5 out of 5 stars.

What complaints there are typically revolve around the rate the customers received, or being denied for a loan after being preapproved. Meanwhile a number of happy customers cite the customer service received as a reason for their glowing reviews.

How do I apply?

Applying for a Prosper auto loan can be done over the phone by calling 877-611-8801 or on its website. Follow these steps to get started online:

  1. Go to Prosper’s website and click Check your rate.
  2. Enter the amount you’d like to borrow, then click Continue.
  3. Select Auto/Motor under how you plan on using your loan. Click Continue.
  4. Enter your name, date of birth and email. Click Continue.
  5. Enter your address and click Continue.
  6. Select your primary source of income, then click Continue.
  7. Enter how much you make each year and your monthly rent or mortgage payment. Click Continue.
  8. Enter your phone number and check whether you’d like to receive updates from Prosper. Click Continue.
  9. Create a password and click that you’ve read through the terms and conditions. Click Check your rate.

What happens after I submit my application?

If you like the rate you’re offered, you can go through with the full application. It can take anywhere from one to three days for Prosper to complete the underwriting process, and investors have up to 14 days to commit funds to your loan. Once your loan is fully funded by the investors, it should only take a day or so for the money to be transferred to your bank account.

I got a Prosper auto loan. Now what?

Once you’ve received the money transfer from Prosper into your bank account, you are free to use those funds to buy the vehicle of your choice — or for any other reason you deem fit. Your first payment will be due the month following your origination date.

If you chose to sign up for autopay, your monthly payment will be automatically deducted from your bank account on its due date. Otherwise, you can make a payment online, over the phone or by mailing a check. If you choose to pay by check, you’ll be on the hook for a processing of 5% of your payment due or $5 — whichever is less.

Keep an eye on your bank account and loan balance. If you have any questions, reach out to customer service as soon as possible by calling 866-615-6319 or emailing

Check out our car loans guide to compare Prosper auto loans with other lenders.

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