Upstart adds auto loans to lending platform.
BANKING AND CREDIT NEWS-July 6, 2020-Upstart adds auto loans to lending platform
(C)2020 M2 COMMUNICATIONS http://www.m2.com
Upstart, an AI-powered lending platform, has announced it will support auto loans in its consumer lending platform, the company said.
Upstart's new service helps banks offer refinance and purchase finance loans with a seamless digital experience, higher approvals and potentially lower loss rates.
Upstart's new service eliminates the need for consumers to track down and enter their VIN or license plate number. Banks no longer need to manage detailed paperwork including title transfer, lien placement, or payoff of the borrower's existing loan (in the case of refinance).
Upstart's AI model for auto loans builds off its...
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