CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (SCB)a full-service mutual bank with a customer-focused approach and more than $5 billion in assets, today announced that its Asset Based Lending Team granted a $9 million revolving line of credit to Auto Advance, LLC — an automobile finance and loan company located in Wayland, Massachusetts. Working capital supports its expansion plans following the transfer of ownership to the company’s President and CEO, Jorge Vinhawhich is now also the majority shareholder.
Auto Advance focuses on working with potentially underserved communities by providing auto financing through dealerships to borrowers who typically don’t qualify for traditional auto financing. Auto Advance looks beyond credit scores in their underwriting by analyzing data through an efficient loan application process.
After buying out its partner, Vinha needed a financial institution to support the company’s growth initiatives. With the average used car price up around 30% this year, Auto Advance was looking for an inclusive banking partner that would increase its ability to offer greater financing solutions to its customers. After assessing the company’s business needs, CSB created a customized lending solution that provided Auto Advance with the cash it needed to stay well positioned to keep pace with rising used car prices.
“What impressed me most about Cambridge Savings Bank was the personal approach they used to help us achieve our business goals,” said vinha. “Keith, Yvonne and their team have been engaged, attentive and resourceful at every stage of the growth financing process. I am grateful for their help in expanding our business, allowing us to provide auto loan support to countless people in our community. »
Originally from Brazil, Vinha came to America in 1991 where he has spent the past 30 years building a career in entrepreneurship. Prior to the automotive industry, Vinha opened a wholesale bakery distribution business and served as a wholesaler of artisan bagels; until he eventually sold both companies to focus on Auto Advance in 2019. In the next phase of business growth, Vinha will pursue new dealer relationships to grow Auto Advance’s customer base.
“It’s clear that Jorge’s relationship-centric approach to running the business will play a key role in the company’s impending growth,” said Yvonne Kizner, Senior Vice President of Asset Backed Lending at CSB. “Working with him and the Auto Advance team to bring car loans to borrowers in underserved areas is a goal we are honored to help bring to fruition. CSB truly enjoys working with businesses that serve the needs of the communities we serve. serve and will continue to show up to support them.
CSB’s Commercial division is focused on serving the needs of their local communities and businesses, offering a full range of business banking and lending, commercial real estate lending, cash management and business services solutions. Cambridge Savings Bank is the bank you can trust to provide personalized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact Keith Broyles, Senior Vice President, Head of Asset-Backed Lending, at kbroyles@cambridgesavings.com or Yvonne Kizner, Senior Vice President, Senior Asset-Based Lending Officer at ykizner@cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. To find out more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship. FDIC member.
About Auto Advance LLC
Auto Advance LLC is an auto finance and loan company located in Wayland, MA with over 10 years of experience assisting customers with fast applications and credit decisions. Auto Advance provides access to competitive credit rates with a quick and easy loan application tailored to each customer by going beyond credit score to provide individual analysis of unique success stories. They strive to maintain a high satisfaction rate before, during and after the loan process. For more information, visit: autoadvancellc.com.
