Beneficial State Bank merged with Pan American Bank in August 2016 and welcomed a team of experts in pre-prime consumer auto lending. We are an alternative for people who have low or no credit scores and who are typically targeted by predatory lending practices. While it is challenging to compete with lenders who put their own and the car dealer’s profit above fair and transparent service to the customer, we don’t compromise on our mission to serve people and planet while still sustaining profit.
In mid-2018, we implemented an improved underwriting model. This model takes both the customer’s credit score and contents of their file into account, allowing us to better serve pre-prime customers by offering them rates and terms that set them up for success (rather than defaults).
Whether it’s our new approval process, loan terms, interest rates, car dealer agreements, or collections process, we are constantly striving toward improvement and greater mission alignment to help borrowers in an industry rife with predatory practices.
To complement our auto lending, Beneficial State Foundation administers the Clean Vehicle Assistance Program in partnership with Beneficial State Bank. Launched in May 2018, the Clean Vehicle Assistance Program provides grants to help income-qualified Californians purchase a new or used clean vehicle. As of December 2020, the Clean Vehicle Assistance Program has awarded $7 million in grant dollars and given over 1,479 grants.