LendingClub Corp. developed a popular way to refinance credit-card debt online. Now, the company wants to take on auto loans.
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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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