What is Cinch Auto Finance?
Cinch Auto Finance is a specialist car lender that primarily operates as an indirect finance company. Unlike a traditional bank where you can go and apply for pre-approval, Cinch works “behind the scenes” through a large network of over 1,800 franchise and independent dealers.
Founded in 2005 and headquartered in the US, the company was formerly known as The Credit Union Loan Source (CULS). It operates as a credit union service organization (CUSO), meaning it is owned by a group of credit unions. This unique structure allows them to leverage the community-focused sustainability of credit unions while providing the broad reach and technical skills of a large national lender. Since its founding, Cinch Auto Finance has originated more than $10 billion in auto loans, helping hundreds of thousands of drivers get behind the wheel. Today, they operate in 31 states, providing a bridge between local dealers and institutional funding.
How does Cinch Auto Finance work?
The process of working with Cinch Auto Finance usually starts at the dealership. When you find a car you like and visit the finance office, the dealer sends your credit application to several lenders, similar to how investors track Manba Finance IPO GMP to compare market interest. If Cinch offers the most competitive terms or best fits your credit profile, the dealer will set up your loan through them.
Once the agreement is signed and you drive off the lot, the dealer “assigns” the loan to Cinch. From that point forward, Cinch Auto Finance will be your point of contact for:
- Monthly billing and statements.
- Payment processing.
- Title management.
- Total loss or insurance claims.
- Final loan payoffs.
It is important to note that Cinch Auto Finance is a loan dealer and lender, not a car dealer. If you’re looking for a UK-based online car supermarket also called “Cinch”, that’s a different entity altogether. In the US market, Cinch focuses strictly on the financial side of car ownership.
Key Features of Cinch Auto Finance Loan
One of the reasons many dealers work with Cinch Auto Finance is their flexibility and commitment to a seamless customer experience. Here are some of the distinctive features of their loan products:
1. Simple interest loan
Most of the loans Sinch offers are loans with simple interest. This means that the interest is calculated daily based on your principal. This is a “user-friendly” model because it rewards borrowers who pay early or make additional payments, as this reduces the total interest paid over the life of the loan.
2. Wide geographical range
Currently, Cinch operates in 31 states, offering a significant footprint for borrowers in the Midwest, South and East Coast. This regional expertise allows them to work closely with local retailers who understand the specific needs of their communities.
3. Credit Union roots
Because they are owned by credit unions, Sinch often take a more “humane” approach to lending than large-scale “too-big-to-fail” banks. Their mission focuses on service and stability, which often translates into more compassionate customer support during financial hardship.
Get Paid: Everything You Need to Know
The most important part of managing any car loan is keeping track of payments. Cinch Auto Finance offers several ways to make payments, but it’s important to understand the fee structure associated with each.
1. Recurring Autopay (The Best Option)
If you want to keep away from costs and the stress of lacking a due date, putting in place Recurring ACH Autopay is the way to go.
- Cost: $0.00 (Free).
- How it works: Funds are automatically drafted from your checking or savings account on your due date each month.
- Benefit: Not only is it free, but it also ensures your credit score remains protected from late payment marks.
2. One-Time Online Payments
Sometimes you may want to make additional payments or make payments manually during a month. You can do this via the app or website.
- One-time ACH Fee: Approximately $4.95.
- Debit Card Fee: Approximately $9.95.
Note: Fees are subject to change, so always check the portal for the most current rates.
3. Pay by phone
You can call Cinch’s customer service line to make the payment on the automated system or through a live representative.
- Phone Number: (866) 612-2857.
- Fee: Similar to one-time online payments, a convenience fee typically applies to phone transactions.
4. Mail-in Payments
- Address: Cinch Auto Finance, P.O.[4] Box 28149, Miami, FL 33102-8149.
- Pro Tip: Always write your full account number in the memo section and allow at least 7-10 days for the mail to be processed to avoid late fees.
Frequently Asked Questions (FAQs)
1. Is cinch auto finance good?
Cinch Auto Finance can offer car loans, but many customers report poor service, fees and frustrating experiences, especially around invoicing and support.
2. What finance company does Cinch use?
The approval process depends on your individual circumstances, and our partners are committed to finding the right financial plan for you. We work with both Black Horse and Evolution Funding,
3. Who is the biggest auto finance company?
In the U.S.A., the largest auto finance company in the United States is generally considered to be Ally Financial, one of the biggest auto lenders by loan origination and portfolio size. Ally leads several industry rankings and has financed millions of car loans nationwide, while global market interest such as Top Trending Business in India highlights how financial services continue to grow worldwide.
4. Does Cinch Auto Finance report to credit bureaus?
Yes, Cinch reports to the major credit bureaus (Equifax, Experian and TransUnion). It’s great for building credit if you pay on time, but late payments will negatively affect your score.
5. Where can I find my Cinch Auto Finance account number?
You can find your account number on your monthly statement, your welcome letter or in the Synch mobile app.
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