The story of Paydownhero is a simple one. After returning from deployment in 2018, U.S. Army Veterans and car enthusiasts, Erik Rueda and Ken Sargavakian were inspired to embark on a new mission… Tackle the nation’s growing auto debt epidemic plaguing car owners from coast to coast across the united states.
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, it was clear to the duo that the country has an unsustainable debt problem in desperate need of a solution.
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: to help car owners (not leasers, unfortunately) get out of auto-debit faster, cover their rising interest rates on their loans and put more money back in their own pocket.