Best Egg Enhances Vehicle Equity Loan Program with New Cash-Out Refinancing Option and Expansion into More States

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Feb 22, 2024, 10:00 ET

WILMINGTON, Del., Feb. 22, 2024 /PRNewswire/ -- Best Egg, a leading fintech that drives financial confidence, has announced significant enhancements to its Vehicle Equity Loan program, emphasizing its expansion into additional U.S. states and introducing a new cash-out refinancing option. This development underscores Best Egg's commitment to offering flexible and accessible financial solutions to a broader range of customers, particularly those with limited savings.

Best Egg has introduced a cash-out refinancing option within its Vehicle Equity Loan program. This feature allows a borrower to refinance their existing auto loan for its value and additional funds. The secured nature of the loan allows Best Egg to offer competitive APRs, along with a streamlined approval process and flexible terms.

The expansion of Best Egg's Vehicle Equity Loan program marks a notable increase in its geographical availability, now accessible in 90% of the U.S. This growth enables more people to benefit from the program's unique features, particularly those seeking a credit alternative to title lending who may not qualify for unsecured loans.

"At Best Egg, we're always looking for ways to help our limited savings customers achieve their financial goals," said Bobby Ritterbeck, President of Best Egg. "Expanding our Vehicle Equity Loan program to more states, coupled with the introduction of the cash-out refinance option, allows us to provide our customers with a powerful new tool to help them manage their finances and achieve greater financial confidence."

Best Egg's Vehicle Equity Loan program, introduced in spring of 2023, caters to a wide range of customers, including those with lower credit scores and vehicle owners who may lack access to other lending options such as home equity lines of credit. By leveraging their vehicle's equity, customers can access necessary funds at competitive rates and save on interest costs, helping them to manage their finances and be money confident.

Eligible borrowers interested in Best Egg's Vehicle Equity Loan cash-out refinancing option can apply at www.bestegg.com/personal-loans/vehicle-equity/ and follow the easy online application process. The program accommodates a variety of passenger vehicles, including cars, trucks, and SUVs, across 40 states.

ABOUT BEST EGG
Best Egg is the leading financial confidence platform that provides flexible solutions to help people with limited savings confidently navigate their everyday financial lives. Best Egg supports customers through a growing suite of personal loans, credit cards, flexible rent, and financial health tools. Leveraging real-time customer insights and data engineering, Best Egg gives more people access to the resources they need to be money confident. For more information, visit www.bestegg.com.

SOURCE Best Egg