The lending arm of Ford Motor Co.
has tapped a San Francisco startup to make it easier for its customers to buy and finance a car without going into a showroom.
Ford Motor Credit Co. said Monday that it would use software developed by AutoFi Inc. to let car buyers shop for a Ford or Lincoln car and secure a loan online through its dealers’ websites.
As part of the new deal, Ford Motor Credit also announced an equity investment in AutoFi. It didn’t disclose the amount.
AutoFi doesn’t make any credit decisions or loans itself. The company operates a marketplace where dealers can select which banks, credit unions or other lenders can pitch loans to car buyers. Customers can choose among competing offers. AutoFi gets paid a fee by both the dealer and the lender if its service is used in a purchase.
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