SpringboardAuto.com car loan review April 2018 | finder.com

SpringboardAuto.com car loans review

Fast yet personalized car loans with low credit requirements — too good to be true?

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SpringboardAuto.com is for drivers with less-than-perfect credit who need financing fast. This online lender uses algorithms to streamline the often long and confusing loan process without resorting to one size fits all.

But algorithms aren’t perfect — and your experience with SpringboardAuto.com might not be either.

Product NameSpringboardAuto.com Car Loans
Min Loan Amount$7,500
Max. Loan Amount$45,000
Maximum Loan Term6 years
  • Car must cost between $7,500 and $45,000
  • 2009 model or newer
  • Less than 125,000 miles
  • Personal-use vehicle
  • Brand recognized by Springboard.com
  • Not be an electric or leased car
  • Reside in a state served by SpringboardAuto.com

First, am I eligible?

To prequalify for a car loan from SpringboardAuto.com, you must have a credit score of 500 or higher and live in a state where it’s licensed to operate.

If you prequalify, SpringboardAuto.com provides a personalized set of eligibility requirements you’ll need to meet to get a loan. Unfortunately, customer service wasn’t willing to give us more than that. But in general: The better your credit score, the fewer requirements you’ll likely need to meet.

SpringboardAuto.com provides more concrete vehicle eligibility requirements:

  • Your car must cost between $7,500 and $45,000.
  • It must be a 2009 model or newer.
  • It must have less than 125,000 miles on the odometer.
  • It must be a personal-use vehicle.
  • It must be an Audi, Acura, Buick, BMW, Cadillac, Chrysler, Chevrolet, Dodge, FIAT, Ford, GMC, Genesis, Hyundai, Honda INFINITI, Jeep, Jaguar, Kia, Land Rover, Lexus, Lincoln, Mercedes-Benz, Mazda, Mitsubishi, MINI, Nissan, Ram, Subaru, Scion, Toyota, Volvo or Volkswagen.
  • It cannot be an electric or leased car, heavy-duty truck, commercial vehicle or conversion or cargo van. Your car must also not have a branded or salvaged title, flood or frame damage or a modified odometer.

States SpringboardAuto.com is licensed in:

  • Alabama
  • California
  • Colorado
  • Illinois
  • Iowa
  • Kansas
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Washington

What makes SpringboardAuto.com car loans unique?

SpringboardAuto.com car loans attempt to reach a happy medium between the personalized experience of traditional lenders and the speed of online financing. And it does this by using algorithms — much like social media platforms.

Is this actually all that unique? Not really: Plenty of lenders offer similar end-to-end services.

But what SpringboardAuto.com offers beyond its competition is a solution for people with poor credit who need to find a car and have trouble qualifying for a loan. Many of its online reviews come from customers with poor credit who praise the simplicity of the application process and comparably lower rates.

What types of car loans does SpringboardAuto.com offer?

SpringboardAuto.com offers your standard term loans to buy new and used cars, which differ depending on where you want to purchase your car:

  • Private-party car loans. Get a term loan to pay for a used car you might buy from a friend, neighbor, someone you found on Craigslist — or any private individual.
  • Dealership purchase car loans. Finance new and used cars bought directly from a dealership.
    Auto loan refinance. Swap your old car loan for a better one with more favorable rates and terms.

What are the benefits of getting a SpringboardAuto.com car loan?

  • Fast application. It only takes a minute to apply online for a loan from SpringboardAuto.com.
  • Personalized experience. SpringboardAuto.com takes steps to tailor its application process to your unique circumstances.
  • Low credit requirements. The only way you’re likely to have trouble prequalifying is if you don’t yet have a credit score.
  • No prepayment fees. Save on unnecessary interest by paying off your loan early without a penalty.

What to watch out for

  • Your credit score matters. There’s a reason SpringboardAuto.com calls your preapplication a soft credit check: It bases everything from your loan’s rates and terms to your eligibility requirements on your credit score.
  • No transparency on rates. It’s worrying that SpringboardAuto.com doesn’t disclose its APR range. Lenders tend to do this to hide expensive loans.
  • Layers of fees. SpringboardAuto.com charges application, origination and late fees — though it doesn’t disclose how much they are.
  • Limited availability. SpringboardAuto.com isn’t licensed to lend in most states. Make sure you live in a state it services.

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Rates last updated April 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must be at least 18+ years old; have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

Compare up to 4 providers

What does the Internet say about SpringboardAuto.com?

SpringboardAuto.com garners limited, mediocre reputation online. It’s accredited by the Better Business Bureau (BBB) since 2016 — meaning it meets basic transparency standards and pledges to resolve consumer complaints. The BBB also gives it an A rating based on user reviews, some of which applauded its customer service.

It has no reviews on Trustpilot, but reviewers on other sites like BirdEye called its services professional, streamlined and organized. Still, at least a few customers complain that administrative mismanagement and general miscommunication resulted in loan denials.

How do I apply?

Once you’ve determined that you’re eligible, look at your finances against potential monthly fees, loan costs and a down payment.
When you’re ready, follow these easy steps:

  1. Go to SpringboardAuto.com and click Apply Now.
    Springboard.com homepage screenshot
  2. Answer the questions to prequalify, which includes a soft credit check that won’t affect your credit score.
    Springboard application form part oneSpringboard application form part two
  3. Carefully read the Communication Consent, Electronic Document Consent and Credit Application Disclosure & Terms. If you understand them, click Apply Now.
  4. When you’re preapproved, SpringboardAuto.com will get in touch with you to discuss the types of loans you qualify for. You’ll also upload requested documentation.
  5. Go over your final loan documents carefully, and sign them electronically to agree to their terms.
  6. If you’re buying from a dealer, set up a dealership appointment to choose your car. SpringboardAuto.com will fund your dealer directly and coordinate your vehicle’s delivery.

What documents do I need to apply?

The documents SpringboardAuto.com requires vary by your credit score and loan type. Generally, you’ll need to provide:

  • Your driver’s license. It must be current and reflect your current address.
  • Income verification. A recent pay stub showing your monthly salary is the simplest way to prove you make as much as you say you do.
  • Details on your car. For refinancing, you might be asked to be able to provide your vehicle registration, VIN and an odometer reading.

I got a SpringboardAuto.com car loan. Now what?

SpringboardAuto.com requires autopay for all repayments, so you won’t need to worry about remembering them monthly. If the funds in your bank account don’t cover a monthly payment, you’ll pay an insufficient funds fee.

Since SpringbardAuto.com doesn’t impose prepayment penalties, consider paying off your loan before the end of your term to save on unnecessary interest.

If you run into problems, contact SpringboardAuto.com at 844-267-1670 or help@springboardauto.com.

Bottom line

SpringboardAuto.com might be option for those with poor credit who have trouble finding financing elsewhere. With fast turnaround, customers tend to say it’s reliable. But take caution with its lack of transparency on rates and fees, which make it hard to know what you’re getting into.
If you feel you need more transparency, you may want to consider other auto financing options before deciding on any one.

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