SpringboardAuto.com rolled out its private-party transaction financing availability this week.

With the company indicating more states in its network will be added soon, the online platform is now originating financing for buyers in Arizona, California, and Florida.

SpringboardAuto.com chief executive officer Jim Landy highlighted that it usually takes less than a minute to complete the loan application and receive a decision — offering a new level of control and simplicity to the process — all with the cost-savings associated with private party transactions.

“It used to be you needed to run all around town to save money buying a car from a private party, and if you were selling your car, cash was the only safe option,” Landy said.

“But a funny thing happened: mobile and online technology opened up the possibility for a faster, simpler, more convenient, more transparent — and more secure — financing experience for buyer and seller alike,” he continued.

SpringboardAuto.com leverages technology, data, and analytics to expedite and secure the entire financing process. Buyers benefit from real-time calculation of loan terms, tax estimation, online vehicle inspection scheduling, and the handling of all DMV documentation, while sellers find a serious buyer and receive funds instantly at loan closing.

In addition, SpringboardAuto.com is a win-win for both parties because it enables a more advantageous purchase/selling price versus a traditional dealer purchase/trade-in scenario.

“I specifically wanted a Jeep Wrangler,” said SpringboadAuto.com customer Andy Ortega of Santa Ana, California. “I researched and looked for a couple of months at different dealerships, but didn’t find what I wanted at a price that fit my budget. However, I found exactly what I wanted from a private seller — the right car at the right price.

“At first I worried that the finance part of the deal would be really difficult, but I went to SpringboardAuto.com on my laptop — and then on my smartphone — and was amazed at how fast and easy it was. I felt like I was in control of the loan process, and it was private, fast, and hassle-free,” Ortega added.

The company went on to mention its platform can save precious time for both buyer and seller as most SpringboardAuto.com loan applications can be completed in less than a minute, without even requiring a Social Security Number. Importantly, the application only triggers a ‘soft’ credit pull with no risk to the consumer’s credit. And, rather than having terms dictated to him/her, the consumer can configure loan terms to suit his/her individual needs.

Once approved and the installment contract is configured, SpringboardAuto.com handles the rest and makes a check to the seller available on-the-go as well.

“Our team of auto finance veterans have financed over a million consumers across the credit spectrum, including those with less than prime credit,” Landy said. “This segment today not only represents 45 percent of used car buyers, but also a new kind of consumer, who is ‘always-connected’ making buying decisions ‘on-the-go.’

“We focused on building a process that not only removes risk and saves time and many for both private party buyer and seller, but takes the pain out of what, to many, is an unfamiliar process,” he went on to say.