LendingClub Corp. developed a popular way to refinance credit-card debt online. Now, the company wants to take on auto loans.
On Tuesday, it said it will start refinancing car loans at interest rates that could save the average borrower $1,350 over the term of their debt. To do so, LendingClub will draw on its experience finding potential customers and efficiently underwriting them to deliver instant offers online. “People think a lot about refinancing their mortgage, but they don’t think much about refinancing their vehicle,” LendingClub Chief Executive Officer Scott Sanborn said in a phone interview. His company’s pitch: “We know you’ve got a loan, and it’s not a very good loan. Let us show you what we can save you.”
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