Instamotor, an online used-car marketplace, partnered with SpringboardAuto.com in late November to offer financing for customers with Fico scores as low as 500, Val Gui, Instamotor’s co-founder and chief operating officer, told Auto Finance News.
Springboard’s platform of aggregated lenders will be made available to Instamotor’s customers — 30% of whom were asking the company for finance options, he said. Prior to this partnership, customers would either have to pay in cash or apply for loans with their local credit unions if they were not approved for dealer loans.
Instamotor, founded in 2014, has more than 10,000 cars on the platform in California and Texas. Year to date, the company has generated $150 million in sales, a 150% year-over-year increase. The company plans to expand nationwide and add finance partners in 2018.
