Do you need a car loan? If you have already tried your high street bank, and had no luck, that’s because banks don’t play a major role in the car loan market. It’s the ‘non-bank’ lenders who provide the largest chunk of loans in the UK’s £58bn car finance market, according to a report in the Financial Times.
Lendo is building a network of conventional lenders, some of whom specialise in car loans, and by being a member of the Lendo community, you can get the money for your next car faster than by any other lending route.
How much do you want to borrow?
Lendo’s aim is to provide a loan service where borrowers use cryptocurrency as collateral. If you’re a Bitcoin or Ether owner, for example, you can get a loan in pounds or euros, and other currencies as well, to the value of 60% of the cryptocurrency you offer as collateral.
The amount of crypto you offer as collateral depends on how much you need to borrow. That’s simple enough. And, there’s no need to worry that the crypto stored in Lendo’s vault as collateral for the loan will not match the value movements in the crypto market, because it will. So, it’s still working for you while you repay the loan. Yes, the crypto market does go down as well, and that is all factored into the way Lendo and its network calculate the value of the collateral.
ELT is your crypto collateral
Some people might say, but I don’t own any crypto to offer as collateral, so how I can get a loan through Lendo? You can join the Lendo community and buy its ELT token. Right now, it’s in the pre-ICO period and has a lowest ever price of €0.10 cents. At the end of the ICO, each token will cost €2.
SO, if you buy right now, you’ll have already made money by the end of the ICO. And, you will own crypto that you can offer as collateral for a car loan. Don’t forget the value of ELT could potentially rise much higher than €2 as demand for it increases, and everyone that gets a loan through Lendo has to own ELT as well as other cryptocurrencies, because ELT is the only currency accepted to pay the vault fees.
You can also use your ELT to repay the loan and you’ll be able to pay the vault storage fees with it as well.
One last thing: Lendo believes in regulation so that its community has confidence in its goals and ELT, which is why it intends to seek listing for ELT on the Gibraltar Blockchain Exchange (GBX).
Want a new car and need a loan? Join the Lendo community during the pre-ICO and get your money working for you.