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Checking your rate will not affect your credit score.

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Annual Percentage Rate (APR)

Represented as a percentage, the cost of borrowing money from Boro averaged over the term of the loan (in years).

Down Payment

Yes, all customers are required to purchase auto insurance with collision and comprehensive packages. You are more than welcome to contact our customer service representatives or dealers for suggestions.

Soft Credit Inquiry

Also known as soft pull, this occurs when a person or company checks your credit as part of a background check.

Disbursement

A transaction that occurs when Boro releases loan funds.

How do I make a car purchase with Boro's financing service?

You can go to any dealership within our covered states (see our State Coverage ) and apply for our auto loan. All you need to do is fill out the online application (see Apply Now) and we will get in touch with you regarding the following steps.
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Can I finance a pre-owned car with Boro's financing service?

Yes, you can. Boro finances any used car with a clean title, model year of 2012 or later and mileage of 70k or less.
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Are there any requirement on the down payment

Yes. For a loan amount under $30,000, Boro requires the down payment to be at least 25% of your pre-tax car price. For a loan amount over $30,000, the down payment is 35% of your pre-tax car price.
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Upon approval, how soon can I pick up my car?

Upon approval, you need to sign a purchase agreement with the dealer and upload it through your Boro account. After you sign your loan agreement, you will need to send us or upload your insurance binder and set up your loan repayment method on Boro. The loan proceeds will then be wired to your designated dealer as soon as the next business day. This whole process usually takes 2-3 business days.
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How do I make the down payment?

You will make the down payment at the dealership. Cash, cashier’s check or wire transfer are generally accepted at dealerships. Please contact your dealership for details.
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Are there any requirement on the down payment?

Yes. For a loan amount under $30,000, Boro requires the down payment to be at least 25% of your pre-tax car price. For a loan amount over $30,000, the down payment is 35% of your pre-tax car price.
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Can I finance a car from private sellers?

Boro currently can only finance cars from licensed auto dealerships.
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Is auto insurance mandatory?

Yes, all customers are required to purchase auto insurance with collision and comprehensive packages. You are more than welcome to contact our customer service representatives or dealers for suggestions.
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* State restrictions may apply.

To qualify for the lowest rates, you must have a responsible financial history and meet other conditions. See APR examples.

To check the rates and terms you qualify for, a soft credit inquiry that will not affect your credit score will be conducted. A hard credit inquiry will only appear after you sign your loan agreement and thus may affect your credit score.