Best Egg, a leading fintech that drives financial confidence, announced today the successful arrangement of a $1 billion purchase facility to help offer more vehicle equity loans that let people use their car’s value as collateral to borrow money. This commitment, led by funds managed by affiliates of AB CarVal, entails a forward-flow purchase commitment for loans facilitated through the Best Egg platform.

“This funding from AB CarVal means we can help more people who need a smart and cost-effective way to handle debt or pay for important expenses,” said Andrew Deringer, Chief Financial Officer at Best Egg. “We’re committed to making it easier for people with limited savings to access money when they need it, and this partnership helps us do just that.”

For over 10 years, Best Egg has delivered more than $30 billion in personal loans, earning a strong reputation for dependable and flexible financial products. The company was recently recognized by NerdWallet as the best option for personal loans for borrowers with good credit and has been in the top 10 for customer satisfaction according to J.D. Power for two years in a row.

The $1 billion facility includes AB CarVal’s commitment to purchase a fixed portion of loans within Best Egg’s vehicle equity loan program, supporting the company’s expansion in this strategic product line.

“As long-time investors in asset-based financial products, we are pleased to support Best Egg’s growth, recognizing how important it is to work with companies that prioritize responsible lending in today’s economy,” said Angie Fenske, principal at AB CarVal.