IPOE - SoFi to Begin Offering Auto-Loan Refinancing
The online lender SoFi, which is going public through Chamath Palihapitiya's blank-check company Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) , will soon let members refinance auto loans on its platform.
Bloomberg reported today that SoFi plans to team up with the start-up MotoRefi to make the offering possible. MotoRefi helps customers find affordable auto-refinancing options through partnerships with community banks and credit unions.
"We constantly hear from our members on what products they'd like us to offer, and auto loans have been a consistent request," said SoFi's Executive Vice President Jennifer Nuckles, according to Bloomberg. "We also looked at our internal data and found that a large portion of our members carry large auto loan balances, and ... could benefit from refinancing."
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SoFi to Begin Offering Auto-Loan Refinancing