Erin tried to buy her first car when she was young and had no credit history.
“I didn’t have anybody to cosign,” she said.
The interest rate on a car loan for her was going to be astronomical. But a device called Passtime helped her establish credit and buy a car.
Passtime is affixed to a car and prevents it from starting if the owner doesn’t make loan payments on time. It’s targeted toward people with no credit history or poor credit scores.
“If you were a consumer with bad credit and you tried to go to buy a car, you’re often going to get turned down,” Chris Macheca of Passtime said.