Online marketplace lender Avant Inc. will now offer direct-to-consumer auto refinance loans, the company announced today. The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant.
“Today’s middle-income consumers have to often settle for auto loans with high interest rates and poor lending experiences,” Al Goldstein, chief executive of Avant said in a press release today. “Avant’s direct to consumer auto refinancing product will offer a seamless online experience to find an auto loan with a better rate and with the benefits of a small personal loan.”
Avant plans to launch new and used car purchase financing later this year as well. “We want to be the one stop shop for the borrowing needs of consumers across the credit spectrum,” Goldstein said in the release.
Globally, more than 480,000 loans have been originated through the Avant platform, surpassing the $3 billion mark in February. Avant closed a $325 million Series E financing round in October 2015, led by growth equity firm General Atlantic, bringing the company’s total debt and equity funding to $1.7 billion.