Fintech
Yendo Expands Reach with Launch of Auto Refi Credit Card
Yendo, the company behind the first vehicle collateral credit card, today announced the launch of the Auto Refi Credit Card, a new product that offers consumers the ability to refinance their auto loan and access up to $10,000 in credit via the Yendo credit card, managed by MastercardⓇ. This new offering expands the universe of consumers Yendo can serve by providing customers across the credit spectrum the ability to access affordable credit even when they are still making payments on their car.
Consumers who choose to refinance their auto loan through Yendo can access a new line of credit of up to $10,000, depending on the value of their car, and potentially reduce their monthly payments. The average Yendo customer saves $450 on their monthly car payment by refinancing their loan with a Yendo credit card. As customers pay off their auto loan, their credit limit on their Yendo card increases, allowing them to access more money when they need it. Customers applying for a Yendo credit card can be pre-approved in minutes with no impact on their credit score and get immediate access to their credit limit and automatic refinancing in minutes.
“There are billions of dollars tied up in people’s cars, which are often the largest asset for many Americans, especially those who find themselves with limited borrowing options.” said Jordan Miller, CEO and founder of Yendo. “We want to help consumers leverage the equity trapped in their car to gain access to prime rate credit and are excited to offer a product that allows consumers who don’t yet own their vehicle the ability to refinance their loan with one Yendo credit card, saving hundreds of dollars on monthly auto loan payments as well as unlocking trapped equity in their vehicles Today, more than 45 million Americans with auto loans find themselves hungry for access to prime credit and resorting to loan products. expensive, or even predatory, to finance their daily lives. Our goal is to give consumers peace of mind by offering them a great rate and the ability to save money and improve their credit score.”
Yendo provides a secured vehicle credit card with prime rates to millions of Americans who have historically lacked access to the financial system due to their credit scores. Yendo currently has more than thousands of customers and is available in 40 states across the United States. Since Yendo launched its first secured vehicle credit card, the company has saved its customers over $50,000,000 in interest and fees. To learn more about Yendo’s auto refinance option, visit Here.