Finda Announces "Full Lineup of Auto Title Loans"

Capital Companies, Banks, Savings Banks, Private Lenders, and Card Company Products Now Onboarded

Fintech company Finda announced on the 28th that it has established a full lineup of auto title loan products by onboarding offerings from all sectors handling auto title loans in the market.

This month, Finda added the Shinhan Card auto title loan product to its platform. This product, which can be applied for non-face-to-face 24 hours a day, 365 days a year, features a minimum interest rate of 7.9%, a maximum loan limit of 50 million won, and no early repayment fees. Eligible applicants are users with good credit who own a passenger vehicle less than 10 years old under their own name.

With the addition of Shinhan Card, Finda now intermediates not only capital companies, banks, savings banks, and private lenders, but also card company products. The number of onboarded products has increased to 37 from 27 different companies.

Finda explained that it has secured the industry's best lineup of auto title loan products. The company reported that users with a wide range of credit scores are flocking to Finda to find products that best suit their needs.

From the beginning of this year until November 23, the number of credit limit inquiries for Finda's auto title loan products reached approximately 44.8 million. According to the Ministry of Land, Infrastructure and Transport, as of the end of the first half of the year, the cumulative number of registered vehicles in Korea was about 26.4 million. This means that, on average, there were 1.7 Finda auto title loan credit limit inquiries per registered vehicle in the country.

The increase in auto title loan credit limit inquiries was due to two main reasons: users who could not obtain as much credit loan as they wanted because of the economic downturn turned to auto title loans, which offer higher limits; and financial companies, recognizing the growing market demand, are developing new auto title loan products.

A Finda representative stated, "Anyone who needs an auto title loan can conveniently use the product they want on Finda, non-face-to-face and year-round, regardless of their loan or credit situation. As the popularity of auto title loans continues to rise and product supply is expected to increase, we will quickly expand customer options to keep pace with demand."

This content was produced with the assistance of AI translation services.