ATLANTA, July 11, 2024 (GLOBE NEWSWIRE) — Carputty, a pioneering fintech company transforming the auto financing landscape, is announcing lowered rates for new Flexline members, starting at 5.34%. In response to the current high-interest environment, which has made it challenging for car owners and buyers, Carputty is taking steps to ease financial burdens and bring much-needed relief to new applicants.
Addressing High-Interest Challenges
The prevailing high interest rates have significantly impacted car buyers and owners, resulting in increased monthly payments that strain household budgets. While dealerships and OEMs are beginning to introduce deeper incentives, these promotions are designed to drive consumers toward specific vehicles. Unfortunately, these incentives seldom extend to the used car market. Recognizing this gap, Carputty is introducing rate cuts, with the lowest rates equivalent to the current Secured Overnight Financing Rate (SOFR). With the Carputty Flexline, the same rate will apply to any eligible vehicle, including used vehicles up to 8 model years old, giving consumers the freedom and flexibility to make the choices they want. Because Carputty has developed proprietary underwriting software, its platform can minimize risk differently than traditional models, making this rate opportunity possible.
Revolutionary FinTech Features
Carputty’s Flexline offers a revolutionary approach to vehicle financing for those with good-to-excellent credit:
- Secure, Fast, and Simple Online Application: Apply online with a straightforward, secure process.
- Flexible Financing Options: Finance multiple vehicles simultaneously or over time.
- Versatile Usage: Use Flexline for new or used vehicle purchases, refinancing existing loans, or buying out leases, all at the same interest rate.
- No Impact on Credit Score: Apply without any effect on your credit.
- Lifetime Financing Solution: Once the line is originated, you’ll never have to apply for an auto loan again.
Flexline Benefits & Opportunities
New applicants who qualify will benefit from the new lower rates. The best rate is currently set at the equivalent of SOFR, currently at 5.34%, giving members access to very competitive financing for their vehicles. Along with these preferred rates, new members can realize a number of unique benefits of their Flexline:
- Generous Financing Limits: Access up to $250,000 in financing with individual vehicle limits up to $150,000.
- Small Business Lending: LLCs can get a small business automotive line of credit up to $800,000.
- Flexible Vehicle Financing: Finance multiple vehicles, at once or over time, without having to reapply.
- Rate Transparency: Rates are calculated based on a fixed margin over SOFR. Each member’s margin is set and does not change.
- 1 Fixed Rate: The same fixed rate applies to any eligible vehicle.
- Lifetime Access: Apply once for lifetime access.
This initiative aligns with Carputty’s mission to provide consumers with greater flexibility and choice in auto financing, ensuring that they can make informed and advantageous vehicle investment decisions.
About Carputty
Founded in 2020, Carputty is a fintech company dedicated to modernizing auto financing and ownership. Through its innovative Flexline product, Carputty offers members a flexible line of credit to finance various vehicles, including new and used automobiles, lease buyouts, and refinancing. By leveraging data-driven insights, Carputty empowers consumers with transparent and dynamic financing solutions. As a multichannel business, Carputty also enables end-to-end auto financing capabilities for other lenders and partners looking to offer consumers the benefits of its cloud-based platform. Learn more about Carputty at Carputty.com.
