Facebook: An Auto-Loan Originator?

Facebook is a valuable tool for connecting with friends and family, venting opinions, promoting businesses … and generating auto loans? Shastic seems to think so with its AutoCalcubot, the first social loan calculator for financial institutions, which is now available. 

Through AutoCalcubot, financial institutions can originate new car loans by using Facebook as means of reaching more than 1 billion potential customers. A recent study by Shastic, a high-tech company based in California’s Silicon Valley, discovered that just 15% of lenders use Facebook to engage with people interested in loans – even less create origination activity from their Facebook pages.

AutoCalcubot enables users to save auto-loan estimates on their bank or credit union’s Facebook page while seeking feedback from advisers, as well as friends and family. There is also an “Alert Me” feature, which monitors interest rate changes and provides notifications when there are savings opportunities. The technology may also increase loan revenue, by directing potential lessees to a lender’s online loan application.