The platform announced that it is now offering consumers with a credit score of at least 640 the chance to refinance auto loans, as it seeks a slice of a $1.1tn auto finance market.
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Lending Club races ahead into car loans for US consumers
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Scott Sanborn, president and chief executive, said Lending Club would start by going after consumers with relatively high credit scores who had bought a used car with a loan arranged through a dealership. In that segment — which saw about $280bn of originations last year — people tend to put a lot of effort in negotiating on the price of the car, he said, but accept whatever loan terms they are offered at the point of sale.
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