More Americans carry auto debt, and they owe more on their loans than ever before. As of 2018, Americans collectively owed 1.25 trillion dollars. An increase of 75% since the end of 2009. With soaring inflation on everyday items, record-high gas prices, and the exploding cost of owning a car, its clear that the country has an unsustainable debt problem in desperate need of a solution.
The average Paydownhero user pays their entire auto loan off 11 months faster and saves thousands of dollars over a regular car owner who doesnt use our app.
Introducing Paydownhero. A convenient and easy-to-setup roundup app that securely connects your bank account to your car loan and then uses the spare change (roundups) from your daily transactions to make additional payments on your outstanding loan. The goal: is to help car owners (not leasers, unfortunately) get out of auto debt faster, cover their rising interest rates on their loans and put more money back in their own pocket.