Cinch Auto Finance: A Review
They’re in the business of making your car dreams come true. These folks provide auto loans to folks who want to get behind the wheel. Fun fact: they used to go by the name Credit Union Loan Source but decided to freshen things up with a new name in February 2021.
Cinch Auto Finance doesn’t go solo on this journey. Nope, they team up with more than 1,800 dealers across 31 states. Together, they help folks like you snag the keys to their dream cars.
How does Cinch Auto Finance work?
Getting a car loan through Cinch Auto Finance is a breeze. They’ve got an easy-peasy application process that anyone can handle. Here’s how it goes down:
Step 1: Start with a quick pre-qualification form on their website.
Step 2: Once you’re pre-qualified, browse their car inventory and pick your dream ride.
Step 3: Submit a full application (they’ll need some details).
Step 4: Wait for their offer. It’ll have all the info you need – loan amount, interest rate, and how long you’ll be making payments.
Cinch Auto Finance offers a couple of ways to finance your car. You can go with the ‘hire purchase’ plan, where you pay a fixed monthly amount until you own the car outright.
Or, if you’re more into options, there’s the ‘personal contract purchase’ plan. It comes with lower monthly payments, and you can decide whether to buy the car at the end by making a balloon payment.
And when it comes to paying your bills, they’ve got you covered. You can pay online, call ’em up, send a check, or even set up payments through your bank’s bill pay. Plus, you can manage your account online – check your history, view statements, update info, and even report if your car’s been totaled.
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What are the benefits of Cinch Auto Finance?
Choosing Cinch Auto Finance comes with some pretty sweet perks. Check these out:
Competitive Rates and Flexibility: They’ve got your back with competitive interest rates and flexible loan terms. That means you can tailor your loan to fit your needs.
No Sneaky Fees: Say goodbye to prepayment penalties and hidden fees. They keep things straightforward and transparent.
Quick and Painless Approval: Their approval process is a breeze. Fast and easy – just the way you like it.
Wide Ride Selection: You’ve got options! They offer a wide range of vehicles to choose from, so you’re sure to find your dream car.
Top-Notch Support: Need help? Their customer service and support are known to be top-notch.
What are the drawbacks of Cinch Auto Finance?
Cinch Auto Finance has a few things you should keep in mind:
Limited Availability: They’re not everywhere. So, depending on where you live, they might not be an option.
Credit and Income Requirements: Your credit score and income might need to meet specific criteria, and it can vary based on the dealer and the car you’re eyeing.
Extra Costs: Late payments, insurance, taxes, and registration fees can sneak up on you. So, make sure you’re aware of any extra charges.
PCP Plans: If you’re going the ‘personal contract purchase’ route, watch out for mileage limits and possible fees for excess wear and tear on the car.