IRVING, Texas – Online auto loan finance company myAutoloan.com said yesterday it has been granted a U.S. patent for technology that allows consumers to complete one application for any loan product such as a new or used auto purchase, refinancing of an existing auto loan, boat or mortgage loan resulting in online, real time multiple loan offers from participating finance companies, banks and credit unions.
The technology, known as Preferred Placement, matches borrowers with lenders based on statistical probability modeling for approval and funding. The result is a higher approval rate that translates into a higher percentage of funded loans.
myAutoloan.com is a registered trademark of and a division of privately held Horizon Digital Finance, L.L.C. which began operation in 2003.
