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?
Loan amount: Starting at $5,000 with no upper limit
Loan terms: 12 - 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 at www.koramoney.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?
Down payment is required but the percentage depends on multiple factors such as the book value of your car, your credit score and your loan amount. For example, a loan amount under $60,000, Kora recommends the down payment to be at least 15% to 25% of your pre-tax car price. For a loan amount over $60,000, the down payment is recommended to be at least 25% to 35% of your pre-tax car price (down payment and loan-to-value figures in this example are just estimates for your reference, and subject to change or variance). You will make the down payment directly to the dealership. Cash, cashier’s check, or wire transfer are generally accepted at dealerships.
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 the loan agreement is present to you, you may contact our underwriting team at underwriting@koramoney.com to adjust your loan amount. Note: If there is a change in the acceptable terms (for example: the interest rate, loan term, vehicle selected, or amount of downpayment) which differs from the terms initially requested during the pre-qualification process, we will initiate a new pre-qualification application. Please note that any previous pre-qualification decision based on prior credit terms will no longer be valid.
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