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Innovative Funding Services Auto Refinance Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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Innovative Funding Services (IFS) operates nationwide and offers a variety of auto loan products, including off-lease purchase, auto refinance, and company car purchase loans. The company was founded in 2007 and is licensed as a registered lender with the Texas Office of Consumer Credit Commissioner.
 
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How is Innovative Funding Services rated?

Breakdown

4.8/5
Loan Details
5.0/5
Customer Experience

Overall Rating: 4.9 / 5 (Excellent)

Innovative Funding Services is a great choice for those looking to explore their auto financing options. The company allows consumers to save time and money by giving them access to multiple rates and terms from a variety of FDIC-insured lenders for which they may qualify for, just by completing one online application.

Something that sets Innovative Funding Services apart from other companies reviewed by us, is that it offers options for those with low to mid-range credit scores and the company only runs soft credit inquiries, which have no impact on the applicant’s score.

The company’s website is easy to navigate and offers consumers auto loan and auto refinance calculators as well as plenty of information on the basics of auto financing. Additionally, consumers have access to finance advisors, to help them throughout the entire decision-making process.

Innovative Funding Services offers customer support via email and over the phone 8:00 a.m. to 7:30 p.m. CST, Monday through Friday, and 9:00 a.m. to 5:00 p.m. CST, on Saturdays.

Auto Loans & Refinancing

Loan Details - 4.8 / 5

Innovative Funding Services is not a direct lender or financial institution. The company only acts as a venue to match consumers with different FDIC-insured lenders that offer a variety of auto financing products for which they may qualify for.

Some of the most common types of auto loans offered by most companies are: purchase, refinance, lease buyout and private party purchase loans. The types of loan offered may vary from one company to the next, so we encourage consumers to do additional research on each recommended company’s products and services before applying for any loans.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Loan Qualifications

Qualification - 4.6 / 5

As previously stated, Innovative Funding Services is not a direct lender, but an auto loan marketplace designed to help consumers find the right auto financing company that adjusts to their circumstances and financial needs.

That being said, minimum age, income and credit score requirements as well as other qualifiers will be based on the company (or companies) the consumer is matched with. However, it should be noted that IFS requires consumers to be 18 years or older and have a credit score of at least 500 to qualify for any auto loan products.

Borrower Qualifications

Minimum Age
Must be 18 or older
Minimum Income
$1,500 gross monthly
Minimum Credit Score
At least 500
US Citizenship Requirement
No
Verification / Documents Required
Social Security Number

Vehicle Qualifications

Mileage Limit
150,000 miles
Car Age
10 years old
Car Makes
Any vehicle make

Application & Service

Customer Experience - 5 / 5

In order to view the offers and companies they may qualify for, consumers must enter their name, contact details, type of loan they are seeking (lease purchase, auto refinance, company car purchase, etc.), gross annual income, rent or mortgage payment, date of birth, social security number and citizenship status.

Based on this information, the company will perform a soft credit check, which will not affect the consumer's credit score, and will redirect them to a page containing the different rates and terms for which they may qualify for from its network of lending partners. Additionally, the company also facilitates the purchase of car warranty plans, gap insurance, and road hazard protection plans, which are highly convenient.

Something worth noting is that Innovative Funding Services’ website offers a variety of tools and resources, including auto loan and auto refinance calculators, a Car Finance blog, Frequently Asked Questions, and a Car Finance Library. The Car Finance Library, explains the basics of auto finance to help educate consumers.
Approval Time
Varies depending on the selected lender
Funding Time
Varies depending on the selected lender
Fees
Fees may vary
Benefits/ Features
Online Rates / Application
Customizable Payment Deadlines
Joint Loans Available
Credit Bureau Reporting
Auto Loan Calculator

Innovative Funding Services Reputation & Reviews

Reputation - 4.5 / 5

Innovative Funding Services has been operating for over ten years servicing consumers nationwide. The company is a BBB-accredited business and holds an excellent A- rating with consumers praising the staff’s friendliness and helpfulness and overall seamless lending process.

The company is licensed as a registered lender with the Texas Office of Consumer Credit Commissioner and offers loan products from FDIC-insured financial institutions. Innovative Funding Services makes no mention of its partners on its website. We encourage consumers to perform additional research on the policies and practices of each of the companies they are matched with to ensure they know exactly what to expect.
BBB Rating
A-
Date Collected
2019-03-07

Contact & Additional Information

Lender Type
Marketplace
Homepage URL
https://www.ifsautoloans.com/
Company Phone
(866) 504-3748
Headquarters Address
1706 E. New Hope Dr. Suite A, Leander, TX, 78641
Year Founded
2007

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