Banks in fast and furious chase to offer car loans online

Eyeing bigger market share, UOB will increase number of car dealerships it partners; OCBC launches its digital solution

Published Tue, Mar 3, 2020 · 09:50 PM

Singapore

UOB is revving up its engine to secure more car loans, with its strategy being to work with a large swathe of car dealers in Singapore to process applications online, such that deals are closed in 15 minutes.

But the bank, which says it commands the largest reach into the car dealership ecosystem, will now face fresh competition from OCBC.

OCBC on Tuesday rolled out a digital solution that claims to make instant car loan approvals within 60 seconds, by likewise working with car dealers.

A senior executive from UOB told The Business Times (BT) that the bank now plans to finance one in four new car sales in the next 18 months or so. This is up from one in five new car sales currentl…