Axis Re-Finances $8.4 million Bulk Loan Facility
MISSISSAUGA, ON, June 2, 2021 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) a fintech lender servicing the alternative auto finance market, announced today the re-financing of a $8.4 million Bulk Loan facility ("Facility").
The annual interest rate on the Facility will drop to 4.46%, from 9.10% previously. Axis expects to realize approximately $0.6 million in interest savings over the remaining term of the underlying loan contracts.
The Facility is one of the legacy funding conduits that Axis inherited through the acquisitions completed in fiscal 2018.
About Axis Auto Finance
Axis Auto Finance is a fintech lender providing alternative used vehicle financing options to roughly 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores. These clients use Axis as a stepping-stone in their credit rebuilding journey and we are proud to be improving the lives of these Canadians. Supported by state-of-the-art, in-house developed risk analytics, Axis continues to be Canada's fastest-growing publicly traded auto-financing company. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, [email protected]
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