SoFi Unveils Auto Loan Refinancing Options on Lantern
SoFi, one of the most successful fintechs in the United States, announced on Tuesday that it had launched a refinancing comparison platform for financial services products, Lantern. SoFi announced that it has launched a car loan refinancing through its partnership with MotoRefi, an automotive fintech startup whose mission is to help people save money on their auto loans.
As stated previously, Lantern is described as a market for financial products. SoFi claims Lantern makes it easy to shop at multiple companies and compares loan products.
“Running a business during a time of economic uncertainty is stressful and we want to help business owners easily compare their financing options for small businesses.”
SoFi also reported that the integration is powered by the MotoRefi ecosystem API, which empowers borrowers by connecting them with pre-qualified refinance offers that the company says saves borrowers on average $ 100. $ / month. Speaking of the launch, Anthony Noto, CEO of SoFi, declared:
“We know that reducing the monthly payments on a loan that has been used to finance an expensive but often depreciating asset is a smart move that can have a very real and positive impact, not only on a monthly basis but also on the long term. Our decision to expand into auto loan refinancing is rooted in the belief that everyone deserves visibility into the steps they can take to improve their financial situation at every stage of their financial life.
SoFi then concluded that borrowers interested in its auto loan refinancing offers could start the process on the SoFi.com home page 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’s worth across categories through educational content, new solutions and the continued expansion of its partner network,” which includes leading lenders, insurance providers and Suite. “