Yendo, the company that created the first-ever vehicle-secured credit card, today announced the launch of Auto Refi Credit Card, a new product that gives consumers the option to refinance their auto loan and access up to $10,000 of credit through the Yendo credit card, powered by MastercardⓇ. This new offering expands the universe of consumers Yendo can serve by providing customers across the credit spectrum the ability to access affordable credit even when they’re still making payments on their car.Consumers who choose to refinance their auto loan through Yendo can access a new line of credit of up to $10,000, depending on the value of their car, and potentially lower their monthly payments. The average Yendo customer saves $450 on their monthly auto payment by refinancing their loan with a Yendo credit card. As customers pay down their auto loan, their credit limit on their Yendo card increases, enabling them to access more money when they need it. Customers who apply for a Yendo credit card can be pre-approved within minutes with no impact to their credit score and get instant access to their credit limit and auto refinance in minutes.“There’s billions of dollars tied up in peoples’ cars, which are often the largest asset for many Americans, especially those that find themselves with limited lending options” said Jordan Miller, CEO and founder of Yendo. “We want to help consumers tap into the equity trapped in their car to gain access to prime rate credit and we’re thrilled to offer a product that allows consumers who don’t yet own their vehicle the option to refinance their loan with a Yendo credit card, saving them hundreds of dollars on their monthly auto loan payments in addition to unlocking the equity trapped in their vehicles

Yendo also closed a $60 million debt financing round in 2022, according to PitchBook.

Exclusive: fintech Yendo has raised $150 million in debt and $15 million in equity.