Finda said on the 28th it has added products from all sectors that offer auto-backed loans in the market, completing a full lineup.

Finda added the Shinhan Card auto-backed loan this month. The product is available online around the clock. It offers a minimum rate of 7.9 percent and a limit of up to 50 million won, with no early repayment fee. It targets users with good credit who own passenger cars under 10 years old.

With the addition of the Shinhan Card product, Finda now intermediates auto-backed loans from capital companies, banks, savings banks and lending firms, and has expanded to card companies as well. The number of listed products has increased to 37 from 27 companies. Finda said this gives users more choices as it now covers all providers in the market.

Finda said it has secured one of the strongest lineups in the sector, attracting users across credit scores who look for suitable terms. As of November 23, the cumulative number of limit inquiries for Finda’s auto-backed loan products reached about 44.8 million this year.

According to the Ministry of Land, the cumulative number of registered vehicles at the end of the first half was about 26.4 million. This means about 1.7 limit inquiries occurred for each vehicle registered in the country.

It said users who cannot obtain the desired amount through credit loans in a weak economy are turning to auto-backed loans for higher limits. It also said financial firms are expected to develop new products to meet rising demand, increasing user options.

A Finda official said the biggest advantage is that any user who needs an auto-backed loan can use the service online at any time regardless of credit or loan status, and said it will continue to expand choices as demand grows.