SoFi, one of the most successful fintechs in the U.S., announced on Tuesday it has launched auto loan refinancing through its financial services product comparison platform, Lantern. SoFi reported it launched auto loan refinancing through its partnership with MotoRefi, an auto fintech startup on a mission to help people save money on their auto loans.
As previously reported, Lantern is described as a marketplace for financial products. SoFi claims that Lantern makes it easier to shop across multiple companies and compare lending products.
“Running a business during a time of economic uncertainty is stressful and we want to help make it easy for business owners to compare their small-business financing options.”
SoFi also reported that the integration is powered by MotoRefi’s ecosystem API, which empowers borrowers by connecting them with pre-qualified refinance offers that the company says saves borrowers an average of $100/month. While speaking about the launch, Anthony Noto, CEO of SoFi, stated:
“We know lowering monthly payments on a loan that was used to finance an expensive, yet often depreciating, asset is a smart decision that can make a very real, positive impact, not only on a monthly basis but also in the long-term. Our decision to expand into auto loan refinancing is rooted in a belief that everyone deserves visibility into the steps they can take to improve their financial stature throughout each milestone in their financial lives.”
SoFi then concluded that borrowers who are interested in its auto loan refinancing offers may begin the process on the SoFi.com homepage or directly through Lantern, the product comparison site owned and operated by SoFi.
“In the coming weeks, SoFi will continue to embrace Financial Literacy Month by helping people Get Their Money Right across all categories through educational content, new solutions, and through the continued expansion of its partner network, which includes leading lenders, insurance providers, and more.”