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Auto Loans

Innovative Funding Services Review

Updated Jun 13, 2023   |   6-min read

Innovative Funding Services
Editorial Rating

Editorial Rating

What we like:

Matches borrowers to many lenders, making it easy to compare rates.

APR2.49% – 23.99%
Loan Amounts$5,000 – $100,000
Loan Terms12 – 60 months
Origination FeeVaries by lender
See how this company compares to top rated auto loans

Innovative Funding Services is an online auto lending company. IFS doesn’t offer loans itself. Instead, the company works with a network of auto lenders throughout the United States to help match borrowers to lenders that will work with them.

IFS specializes in auto refinances, helping you finance the purchase of your leased vehicle and company vehicles. It also provides a few other services to help you make the most of your car, such as warranty protection, roadside assistance, and Guaranteed Asset Protection (GAP) coverage.

You might consider working with Innovative Funding Services if you have poor credit, want a loan that doesn’t require a hard pull on your credit report or need help figuring out the paperwork for less standard car purchases, like a lease buyout. You can also work with an IFS finance advisor to determine the best offer.

In this review:

Innovative Funding Services: At a glance

Auto loan refinance

Innovative Funding Services can match you with various lenders, making you more likely to find a lender that meets your needs. The company’s only listed requirements for a loan are to have a credit score of at least 500, a monthly income of at least $1,500, and owned the car for six months.

The interest rate, term lengths, and fees for each loan will vary according to the lender that IFS matches you with. When you check your rates on IFS’s website, you’ll see multiple offers to choose the lender that gives you the best offer. IFS offers both short- and long-term refinancing deals so you can customize your monthly payment.

Lease buyout

If you want to purchase your leased vehicle, IFS can help you get a quick lending decision and assist you with the paperwork. The company says it takes an average of 24 hours to give applicants full approval and that 75% of applicants get prequalified within seconds of applying, which can be helpful if you need a quick lending decision.

If you decide to buy your leased vehicle, you typically don’t have to take it back to the dealer. IFS handles the paperwork and notifies you of any fees that the dealer will charge.

Company car purchase

If you need to buy a car for your business, IFS can help with that, too. Like its consumer lending, IFS advertises an average approval time of 24 hours and that 74% of applicants receive near-instant prequalification. The company has been offering company car financing since 2007, giving it plenty of experience in the space.

IFS coordinates the process and paperwork on your behalf, working with the company selling the car to handle titling and vehicle payoff. That means you can complete the process and sign documents from your phone without going to the car seller’s location.

Extra services

IFS offers additional services, such as service contracts, roadside hazard protection, and GAP coverage.

IFS’s service contracts cover unexpected mechanic costs due to vehicle breakdown, even if the part isn’t covered by a warranty. Road hazard protection pays for damages due to potholes, debris, and other issues with the road.

GAP insurance pays the difference in the payout you get if your car is totaled and your remaining loan balance, protecting you from paying for a vehicle that you can’t drive anymore.

Pros and cons of an IFS auto loan refinance


  • One loan application matches you with multiple lenders

  • Long-term loans available

  • Loan options for people with poor credit

  • No hard credit inquiry


  • Limits based on vehicle model and age

  • Different lenders may charge different fees

  • $1,500 minimum monthly income requirement

Who’s eligible to get an IFS auto loan?

IFS offers loans to borrowers in all 50 states, so you can apply for a loan from anywhere in the United States. It lists the following requirements for applicants:

  • A minimum credit score of 500
  • Minimum monthly income of $1,500
  • Maximum vehicle age of 10 years
  • Maximum mileage of 150,000
  • Must have owned the car for at least six months

Because IFS doesn’t offer direct loans, additional requirements may exist based on the lender you choose. IFS should only match you with lenders willing to lend to you for the vehicle you want to buy or refinance.

Applying for an IFS auto loan

IFS specializes in making the lending process as simple as possible. You can be approved in as little as a day and do all the paperwork online. If your lender doesn’t accept online signatures, IFS overnights the paperwork for you to sign.

The best way to get started is to visit IFS’s website and check your rates. You’ll have to provide personal information, such as where you live and how much you earn. You’ll also need to provide information about your vehicle and current car loan.

Once you fill out the form, IFS will show you offers from lenders. You can select one of the offers or decide against refinancing. There’s no obligation.

If you choose an offer, IFS will connect you with the lender and facilitate the paperwork process, helping you fill it out online or overnighting it for a physical signature.

One of the benefits of IFS is no hard credit pull to apply. A hard pull on your credit decreases your credit score by a few points. Instead, IFS uses a soft pull, which does not affect your credit.

How to contact IFS

The easiest way to contact IFS is through the company’s website, but there are other ways to contact the business.

  • 1-866-504-3748
  • 1706 E. New Hope Dr. Suite A
    Leander, Texas 78641

Where to find alternatives to IFS auto loans

When applying for any kind of loan, shopping around is always in your best interest. Comparing lenders is how you can get the best deal.

If you want to refinance a car, check out our refinance loan calculator to see how much you could save. If you want to compare options, check out the best auto loan refinance companies. If you need a new car, we have a separate guide for the best auto loans.

How we rated IFS auto loans

IFS earned a 4.24 out of 5-point rating from LendEDU, making it our third-highest-rated auto loan refinancing company. We base our ratings on the lenders’ APRs, term lengths, borrowing limits, maximum car age, maximum car mileage, ratings from the BBB, and state eligibility.

If you’d like to see the full list of criteria and methodology, you can learn more on our methodology page.