The AutoFi platform is the first online point-of-sale solution for auto finance. It allows customers to purchase and finance a car completely online, either through a dealer's website or an in-store digital experience. The company recently announced the world's first online car sales and financing solution for new car dealers in partnership with Ford Motor Credit.
Today's announcement further expands AutoFi's ability to serve the multi-billion-dollar used car sales market through its partnership with iLendingDirect.
AutoFi's platform will now allow used car buyers to research a vehicle on the dealership's website; select "Buy Now"; receive an automated credit decision; and get loan offers from banks, specialty lenders and iLendingDIRECT's credit union network who compete for the car buyer's business in real time.
Consumers can then customize their financing deal by selecting down payment and loan terms; choose vehicle protection products; and e-sign all financing documents online. The new platform gives used car dealers and buyers the ability to transact online with competitive financing options in a fully automated process.