Texas-based online nonprime lender Autoeloan.com Inc. has begun accepting loan applications and is now funding contracts, according to Brent West, vice president of business development at Autoeloan.

"We're funding contracts," West told F&I Management and Technology. "We were, as you know, in the startup mode. We now have all our loan production agreements in place, and started accepting applications in mid-July. We started funding contracts in August, and we're growing from there."

Autoeloan began accepting applications after completing funding facilities. The online lender has completed two rounds of capital raising for more than $5.4 million.

The company accepts nonprime credit applications from dealers via its Web site, www.autoeloan.com, with credit decisions delivered, in most cases, within minutes via e-mail and fax, according to West.

"Autoeloan offers new-car dealers broad nonprime and subprime credit programs," West said. "We're currently licensed in 34 states and will be licensed in all 50 states by year end."

For more information, visit www.autoeloan.com or call the Autoeloan Marketing Department toll-free at 1-877-469-1086.