Demand for auto and powersport financing — from both borrowers and investors — is growing at Prosper Marketplace, according to President Ron Suber.
“I would say that auto, motorcycle, and RV are all on the rise,” Suber told AFN, noting that the company is more active in the used space, with OEMs still able to offer more attractive rates for new products.
Vehicle loans have accounted for less than 5% of consumer loans originated through the Prosper platform so far this year, Suber said. That should rise as awareness grows, he said.
“Generically, you’ll see us expand into more types of borrowers, including this area,” he said. “I don’t think it will be separate, but it will be part of the Prosper marketplace as an even more defined, rapidly growing vertical.”
Prosper typically extends three-year or five-year loans to borrowers with a minimum credit score of 640, and funds loans in three or four days.
