Octane’s Prequal soft pull eCommerce tool was named Best Consumer Lending Product at the seventh annual FinTech Breakthrough Awards program.
Octane is an RV lender.
Octane Prequal provides loan offers in seconds through Octane’s in-house lender, Roadrunner Financial. Prequal sits directly on dealer and OEM websites so customers can prequalify for financing as they shop online. 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.
Because Octane Prequal uses a soft credit pull, a customer’s credit is not impacted until a contract is generated. Dealers who use Octane’s digital platform can quickly fund vehicle loans backed by Roadrunner Financial.
“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,” said James Johnson, managing director, FinTech Breakthrough. “Octane addresses these challenges by meeting customers where they are at—online—with a breakthrough digital-to-retail buying experience that is unique in the industry.”
The FinTech Breakthrough Awards bestows awards in categories including digital banking, personal finance, lending, payments and investments. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations.
“We are proud to offer a seamless, end-to-end lending experience that is fast and easy, and helps more people enjoy the outdoors,” said Jason Guss, CEO and co-founder of Octane. “We are 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.”
