Credit Union Loan Source has been rebranded as Cinch Auto Finance which is a new online lender that specializes in financing used cars. Cinch’s mission is to simplify the dealer-customer financing process.
They have originated over $10 billion in auto loans and work with more than 1,500 dealers across 25 states.
According to Cox Automotive, the US new car market is expected to grow by three to four percent by 2022, with an additional one million vehicles sold over the next two years.
This means that Cinch is a great choice for borrowers who are looking for competitive rates and flexible payment options to buy a pre-owned vehicle.
What’s Cinch Auto Finance?
Cinch Auto Finance was founded in 2005, based in Alpharetta, Georgia by two former auto finance executives who wanted to provide consumers with more flexibility when buying a used car.
It is one of the fastest-growing lenders in the indirect auto finance industry.
Their goal is to make it easier for customers to find a good deal on a used car without having to go through a traditional dealership.
Its online app makes it easy to pay your car loan in real-time. You can also view payment history, chat with your provider, and schedule future payments.
Moreover, the app also allows you to make payments directly from your bank account, without the hassle of waiting for your cheque to clear. The data processed by the app developer is safe and secure.
Its dealer network spans more than 1800 franchise dealerships in 31 states, resulting in a nationwide presence. As a result of this, Cinch offers a seamless car financing experience for customers.
Official Website – www.cinchautofinance.com
It is one of the few auto finance companies to offer remote signing and digital contracting, enabling faster funding.
Does Cinch Auto Finance Have A Good Reputation?
Cinch Auto Finance has been featured in publications such as Forbes, Business Insider, and USA Today. They also have a positive rating on Google and Facebook.
As an auto finance company, Cinch has an impressive track record. You can read their customer testimonials to learn more about their service. If you’re thinking of applying for a loan with Cinch, read on to find out if they have a good reputation.
The company asks for permission to pull your soft credit report, and also requests permission to connect your bank account. This information allows Cinch to access your financial information and recommend products that might be appropriate for you.
They also look at your insurance policies and provide recommendations, based on this information. They also offer free auto insurance for their users. Overall, Cinch is a trustworthy, unbiased auto finance company.
Are There Any Complaints About This Company?
Cinch Auto Finance does not appear to have any complaints listed on its website. However, there are some negative reviews on sites like Yelp and Consumer Affairs.
It prides itself on being a trusted source for financing needs and is committed to providing excellent customer service.
Customers appreciate the transparency and customer-friendly policy.
Do They Offer Competitive Rates?
The company has a strong focus on customer service and competitive rates. It also offers low down payments and flexible terms. Their current rate is 2.99% APR with no prepayment penalties. This is lower than other lenders who charge 3.5% APR and 5% APR respectively.
However, when shopping for an auto loan, it is a good idea to compare quotes from different lenders before making a decision. Comparing quotes allows you to get the best deal possible for your situation.
Some lenders weigh factors differently than others, so it’s worth looking at the total cost of the loan over the life of the vehicle. To apply for an auto loan, you must be at least 18 years old, have a valid SSN or tax ID, and meet certain minimum credit requirements.
Can You Afford To Pay Off The Loan?
If you’re like most people, you probably don’t have a lot of money saved up to cover the cost of a new car. This is where Cinch Finance can help. Cinch offers auto loans to help you finance the purchase of your new car.
If you need to pay off the loan quickly, then you should consider refinancing your vehicle through another lender. However, if you plan to keep the vehicle for at least five years, then you should not refinance because you will lose money by paying off the loan early.
When you take out a Cinch auto loan, you’ll be able to choose from a variety of repayment options. You can make weekly, bi-weekly, or monthly payments. You can also choose to make a lump-sum payment at the end of the loan term.
The Cinch auto loan is a great option for those who need help financing their new car. Cinch offers competitive rates and flexible repayment options. Apply today and get on the road to financial freedom.
Concluding Remarks
Cinch Auto Finance is great for people with bad credit. They are able to get the loan they need and improve their credit score at the same time. Cinch Auto Finance is a great company and we recommend them to anyone in need of a car loan.