Denver's Blinker has just launched an app aimed at disrupting the trillion-dollar auto-loan market.
"People want to finance their car just as easily as they can call an Uber," says Rod Buscher, founder and CEO of Blinker. "We offer car loans that are competitive, transparent and easy to complete from anywhere. Car-owners can finance a used car purchase or refinance an existing loan in minutes -- all on their mobile device. No banks, no dealerships."
Users take pictures of a vehicle and its license plate, and its patented image-recognition technology allows the company to recognize the vehicle. After uses answer some questions they can refinance their vehicle to reduce the costs associated with their loan. There are no origination or loan fees.
The app offers a refinancing quote, payment and cash-back options. After a user selects an option they authorize Blinker to perform a credit check. After approved Blinker pays off the existing loan sets up the new payment plan -- and if a user chooses to refinance for cash, deposits it in the user's bank account.
Without affecting credit scores, Blinker can give refinancing quotes for vehicles from 2010 or newer with less than 100,000 miles and at least $5,000 left on their auto loan. Currently, the app is limited to users in Colorado but Blinker plans to expand it beyond the state soon.
Throughout the country users can use the app to take a picture and learn the make, model, year and estimated value and mileage of any vehicle on the road. It's like taking the license plate game to whole new level.
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