Octane recognized for consumer lending innovation

Market intelligence organization FinTech Breakthrough has announced that Octane Lending has been selected as winner of the “Best Consumer Lending Product ” award in the 7th annual FinTech Breakthrough Awards program, recognizing the Octane Prequal solution.

The FinTech Breakthrough Awards recognizes fintech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.

Octane Prequal is part of Octane’s seamless digital-to-retail experience. The tool sits directly on dealer and OEM websites so customers can prequalify for financing as they shop online before going to the dealership. Once a customer applies, their information is sent directly to the dealer or routed to a nearby dealership that has their desired vehicle in stock. Customers can then submit their pre-purchase documentation in advance, saving time at the dealership. Octane Prequal uses a soft credit pull, so a customer’s credit is not impacted until a contract is generated.

Dealers using Octane’s digital platform can quickly and easily fund vehicle loans, streamlining the buying process for customers and reducing deal times. Octane Prequal is backed by Octane’s inhouse lender, providing a majority of applicants with an instant financing decision while also making it easier for dealers to finance qualified buyers.

“Borrowing money to purchase your dream vehicle can be overwhelming for the borrower and slow-going for the dealer, and securing a loan has typically involved lengthy research around interest rates, understanding the repayment terms, and a number of financing options – in addition to finding that perfect vehicle,” says James Johnson, managing director, FinTech Breakthrough. “Octane addresses these challenges by meeting customers where they’re at – online – with a breakthrough digital-to-retail buying experience that is unique in the industry. Octane’s technology and lending solutions – like Octane Prequal – reduce this process from hours to minutes. We are thrilled to recognize the Octane team with this well-deserved 2023 FinTech Breakthrough Award.”

“We’re proud to offer a seamless, end-to-end lending experience that is fast and easy, and helps more people enjoy the outdoors,” says Jason Guss, CEO and co-founder of Octane. “Fifty-five percent of customers said that their Octane Prequal experience gave them confidence in their buying power, and 70 percent said they bought their dream vehicle sooner because of instant decisioning through Octane Prequal. We’re excited to continue working with our dealer and OEM partners to connect even more people with their passions and further reduce friction in the buying experience.”