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Auto Loans Get Their SoFi Moment

The online lender is plugging into MotoRefi, a digital platform tackling a car dealer specialty: egregious interest rates.

New Jersey Car Dealerships Resumes In-Person Sales As Covid-19 Cases Slow
Photographer: Angus Mordant/Bloomberg
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Social Finance Inc., the online lender that built a small empire reworking student debt, will announce a plan this week to refinance auto loans, the latest in a product push as it burnishes its own finances before anexpected public listing.

The 10-year-old company is offering the service through a partnership with MotoRefi, a startup whose digital platform connects debtors with banks and credit unions and handles the tedious paperwork of reworking auto loans with state motor vehicle departments. 

“We constantly hear from our members on what products they’d like us to offer, and auto loans have been a consistent request,” said Jennifer Nuckles, a SoFi executive vice president. “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.”