Best Egg Expands Portfolio with Launch of Vehicle Equity Loan

Best Egg, the leading financial confidence platform that provides flexible solutions to help people with limited savings, today announced the launch of its new Vehicle Equity Loan product. Best Egg Vehicle Equity Loans are now available to residents of California, Delaware, Florida, New York, Pennsylvania, and Texas, with plans to expand to additional states later this year.

The Best Egg Vehicle Equity Loan is a new offering that empowers customers to unlock the value of their vehicles to secure a loan up to $100,000. This product goes beyond traditional financing options, providing customers with the flexibility to finance significant purchases, consolidate high-interest debt, and enhance their financial well-being. It serves as an excellent alternative for individuals who may not qualify for unsecured loans, enabling them to access the funds they need to manage debt, feel financially stable, and live better.

Recognizing the diverse financial circumstances and the role credit scores play in accessing loan products, Best Egg has broadened its lending capabilities to cater to a wider range of customers. The Vehicle Equity Loan not only expands access to individuals with lower credit scores but also provides a unique opportunity for non-homeowners who possess valuable assets, such as cars. By leveraging equity in their vehicles, these customers can access funds at competitive rates and save on interest costs, all while pursuing their financial goals.

Charles Do, Head of Auto Lending at Best Egg, emphasized the customer-centered approach of the new Vehicle Equity Loan, stating, “The Best Egg Vehicle Equity Loan offers a credit alternative to title lending, providing a digital experience that empowers customers and helps them build financial confidence. We are excited to add this product to our evolving portfolio and look forward to extending its availability to more customers, including those with existing vehicle loans.”

This loan product not only provides quick access to funds based on vehicle equity but also offers a credit-building opportunity for borrowers. With fixed APRs starting at 8.99% and flexible repayment terms ranging from 24 to 84 months, customers can tailor their loan to meet their specific needs.