Innovative Funding Services auto loan review: Limited loan options but considers people with lower credit scores


In a Nutshell

An auto loan through Innovative Funding Services’ network of lender partners may be a good choice for someone with lower credit scores who’s looking to refinance an existing auto loan, buy out a lease or purchase a company car. Innovative Funding Services helps guide people through the auto loan process, from choosing a loan to closing it and handling the title transfer.

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Pros Cons
Considered people with people with lower credit scores Offers limited loan options
Offers the ability to apply for prequalification without a hard credit hit Has vehicle age and mileage limitations
Provides help with title transfer Requires a minimum monthly income

What you need to know about Innovative Funding Services auto loans

Innovative Funding Services, or IFS, isn’t a direct lender; it offers loans through a network of lenders across the U.S. If you’re considering applying for an auto loan through IFS, here are some features that stand out.

Limited loan options

Auto loan options available through IFS’ lender network can only be used to …

IFS also offers a number of services through its network:

  • Auto warranties: This covers eligible repairs related to mechanical breakdowns.
  • Guaranteed asset protection insurance: GAP insurance pays the difference between what you owe on your car loan and your vehicle’s actual market value, minus your deductible, if you total your car in a crash or it’s stolen.
  • Road hazard protection: Includes roadside assistance and covers wheel and windshield damage as well as dents.

IFS considers people with lower credit scores

Through its lender network, IFS considers people with lower credit scores. To be considered, IFS says that you need minimum credit scores of 500 and monthly gross income of at least $1,500. Some of the other requirements include being employed or have verified sources of income, have no repossessions or open bankruptcies and be up-to-date on your current car loan payments.

Shop multiple loan offers

IFS offers the ability to apply for prequalification and receive offers from a range of lenders in as little as two minutes without a hard credit inquiry. This allows you to compare estimated interest rates and loan terms across lenders to help you identify an offer that’s right for you. Just remember, prequalification doesn’t increase your approval odds, nor does it mean you’re actually approved for a loan. It only gives you an idea of whether you might be approved and what the rates for a loan could be.

IFS Financial Advisors help with title paperwork

If you’re new to (or unfamiliar with) the auto loan process, IFS could be a good option for you. IFS will assign you an advisor to walk you through the loan application process, help you identify loan options that work for your situation, handle your loan paperwork and manage the car title transfer.

A closer look at Innovative Funding Services auto loans

If you’re trying to decide whether partnering with IFS for your next auto loan makes sense, here are a few more things to consider.

  • The vehicle you want to finance must be a 2010 model or newer with no more than 150,000 miles.
  • Loans through IFS are available in all states.
  • IFS offers competitive interest rates. Its starting annual percentage rate, or APR, for those with healthy credit comes in lower than some of its competitors.
  • IFS allows co-signers.

Is an auto loan through Innovative Funding Services the right fit for you?

IFS auto loans could be a good option if you’re looking for an auto refinance loan, lease buyout loan or a loan to purchase a company vehicle — especially if you have poor credit or need extra guidance during the financing process.

A loan through IFS could also be good if you want to apply for prequalification and quickly see which interest rates and loan terms you might qualify for. Just keep in mind that to qualify for the lowest interest rates through Innovative Funding Services’ lender network, you’ll likely need excellent credit.

How to apply for a loan from Innovative Funding Services

To apply for a loan with IFS, you’ll first need to apply for prequalification online.

Enter your personal information, including your name, contact information, gross annual income, rent or mortgage payment, address, Social Security number, date of birth and citizen status.

Carefully read the terms and conditions. If you accept them, you’ll be able to see if you prequalify, and if so, what loan offers may be available to you.

If you prequalify, a financial advisor should be in touch within two business days to help you determine which car loan could work for your personal situation. If you decide to move forward, you’ll then fill out your loan application and receive a decision, sometimes within one business day.

If needed, your IFS Financial Advisor can communicate with your leasing company or previous lender to help finalize paperwork and keep the process moving.

Auto loan alternatives to consider

If you’re looking for other types of auto loans, here are two other lenders to consider.

  • CarsDirect auto loan: A loan through CarsDirect’s lender network may be good for people with no credit or low credit scores.
  • Bank of America auto loan: This lender might be a good option for someone looking for a range of auto loan options.