SoFi expands into auto loan refinancing in partnership with MotoRefi

By Pavithra R

Social Finance (SoFi), a leading next-generation financial services platform, has announced the availability of transparent, competitive, and personalized auto loan refinancing offers through Lantern, the financial services product comparison site owned and operated by SoFi.

The firm has partnered with MotoRefi, an auto fintech startup on a mission to help people save money on their auto loans, to combine selection, speed, and convenience through its network of trusted lenders. The approach ensures borrowers have the opportunity to choose from competitive offers that fit their financial situation and goals, quickly.

SoFi’s expansion into auto loan refinancing in partnership with MotoRefi not only offers a seamless user experience, but it also adds a layer of transparency to the process by allowing the borrower to view competitive offers and determine eligibility without any impact on their credit score. 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.

“MotoRefi and SoFi share a similar goal of helping average consumers improve their financial lives. At a time when a lot of Americans are making every dollar count, we can think of no better partners in launching our API than a fintech powerhouse like SoFi,” said MotoRefi CEO, Kevin Bennett.

Borrowers who are interested in obtaining transparent, competitive, and personalized auto loan refinancing offers can begin the process on the homepage or directly through Lantern. The firm has plans 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.

“For most people, having our own form of transportation is a critical staple when it comes to meeting many obligations – across both our personal and professional lives – and we don’t think access to it should come at the cost of anyone’s financial well-being. 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,” said Anthony Noto, CEO of SoFi.