For many crypto investors, a question often asked is, ‘when lambo?’ While Lamborghinis aren’t a practical option for most of us, many Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) holders do use their crypto earnings towards an auto loan for car financing. There’s now an option if you’re interested in buying a new car or need help with your current car payments with your crypto assets.
Buy a Car with Crypto
One of the main things people do when they receive a windfall from an investment is to buy themselves a car. Whether you’re interested in a sports car or something a little more practical, having access to transportation can be life-changing.
With BlockFi, you can use your crypto for car payments without having to sell, which means you don’t have to miss out on the potential future value of those assets. You can leverage your BTC, ETH, or LTC as collateral and receive USD straight into your bank account. This can all happen in as few as 90 minutes.
Don’t sell your crypto if you don’t have to. Put your crypto to work while you HODL. Finance a car now and buy another when your crypto ‘moons.’
Why get an Auto Loan with BlockFi
While some dealerships are now accepting crypto as payment, they are applying heavy fees to those transactions. It also takes much more time to be approved for a loan or crypto payment through a dealership than with a lender directly. Using BlockFi to fund car payments can save you the headache and added fees associated with working with dealerships or banks that don’t specialize in crypto.
One of the benefits of funding car payments with BlockFi is that our loans are interest-only, which means you only pay the interest on your monthly payments. For example, if you took out a loan for $10,000 with a 8.5% annual interest rate, you would pay $71 per month. That equals 0.7% interest per month over the 12-month loan term. It’s that simple. Other crypto asset-backed lenders offer amortized loans. A fully amortized loan on your $10,000 would cost you $872 a month. Doesn’t take a crypto genius to see the difference. Click here to learn more about BlockFi loan rates.
Once you pay off the car loan, you get all of your crypto back. That includes any interest, price appreciation, or forks (as long as the forks are supported by our custodians). Click here to learn more about how BlockFi client assets are stored.
By leveraging your crypto with BlockFi, you can avoid the added costs associated with borrowing from an auto dealership, take out car finance or lease or a bank loan, plus you still own your crypto assets. Save yourself the time and added fees.
BlockFi is the fastest and most affordable option for crypto asset backed USD borrowing with the largest geographic coverage in the US market. With coverage in 45 states and interest rates starting at 8%, we are the fastest, largest, and most affordable crypto backed lender in the U.S.
At BlockFi, we understand the frustration that comes with the car-buying process. Our team of lending professionals work closely with clients to make sure that they’re getting the best possible rates. The best part? It takes less than 2 minutes to apply.