Cambridge Savings Bank provided a $9 million revolving line of credit to Auto Advance, an auto finance and loan company located in Wayland, MA. The working capital supports Auto Advance’s expansion plans following the transition of ownership to the company’s president and CEO, Jorge Vinha, who is now also the company’s majority shareholder.
After buying out his partner, Vinha needed a financial institution to support the company’s growth initiatives. With the average price of used cars up around 30% this year, Auto Advance was seeking a banking partner that would increase its ability to offer larger financing solutions to its clients. After assessing the company’s business needs, Cambridge Savings Bank created a lending solution that provided Auto Advance the liquidity it needed to keep pace with used car prices.
“What has impressed me the most about Cambridge Savings Bank is the personal approach they used to help us meet our business goals,” Vinha said. “ I am thankful for their help in expanding our business, therefore allowing us to offer automotive loan support to countless individuals in our community.”
“It is clear Jorge’s relationship-centric approach to managing the business will play a key role in the company’s impending growth,” Yvonne Kizner, senior vice president of asset-based lending at Cambridge Savings Bank, said. “Working with him and the Auto Advance team to offer auto loans to borrowers in underserved areas is a goal we are honored to help bring to fruition. CSB truly loves working with businesses that address the needs of the communities we serve and will continue to show up to support them.”
