Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year.
The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News.
“A lot of consumers are finding that vehicle that they’re interested in is not at a dealership, but they’re trying to buy it from a person,” he said. “We want to be able to facilitate that transaction for them.”
Once launched, the P2P platform will connect individual borrowers to Westlake and two other lenders being tapped to develop the vertical, Ontiveros said, declining to disclose their names. The long-term vision for LoanCenter is to provide consumers with non-auto loans, as well.
Already, Westlake’s direct lending capabilities include personal, RV, title, and unsecured loans.