Outside Financial, a direct lending online startup that allows consumers to educate themselves on the loan process and arrange financing, is in “advanced conversations” with lenders to join its platform, Chief Executive Jon Friedland, told Auto Finance News.
The company has spent the past year building out its technology and is now in the process of demoing the platform for lenders with the goal of launching in Ohio this year. The startup’s conversations are with lenders across the country and credit spectrum, Friedland said.
“Unlike some of the other auto loan online sites out there, we want to [take] a much more tailored approach where we have fewer lending partners, but we hope they are better lending partners for ourselves and for our customers.”
Outside Financial is targeting “a few national lenders and some credit unions, regional banks, and a smaller number of finance companies,” said Sonia Steinway, president of Outside Financial. She declined to identify specific lenders, citing non-disclosure agreements.
Outside Financial wants to distinguish itself from the competition by providing financial education materials through video and written formats. “Our focus is really on the folks who have [gone through the dealership financing process before] and felt like it didn’t work for them,” Steinway said.
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