How does the KoraDrive loan work?

We will work with you to get you a loan that fits your needs as a student.

What are the possible loan terms for a KoraDrive loan?

We will finance cars between $5000 and $3,000,000 with term lengths between 12 and 60 months.

Use our monthly payment calculator to get an estimate on your terms.

How long does the loan process take?

There are a lot of factors when it comes to how long your loan process will take. You can access your portal on getboro.com where you can check the status of your loan. You’ll get an email any time your loan status changes as well. You are also welcome to contact us with any questions at 1-800-840-6604 or support@koramoney.com

Can I pay the loan off early? Are there any penalties when doing so?

You can choose to pay off your loan early and there is no penalty for doing so. You can also make pre-payments directly through your Kora account with no penalty.

What are the down payment requirements?

For a loan amount under $30,000, Kora 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 should be at least 35% of your pre-tax car price. You can use our auto loan calculator to see your loan amount.

You will make the down payment at the dealership. Cash, cashier’s check, or wire transfer are generally accepted at dealerships. Once you have a car, you will contact your dealership for details.

Can I finance more than one car at time?

Until you pay off the remaining balance for your current auto loan, you are not eligible to finance another car.

Can I adjust my loan amount after applying or getting approved? 

Yes, before you sign your loan agreement with Kora, you may contact our underwriting team at underwriting@koramoney.com to adjust your loan amount.

 

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