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UOB teams up with 7 car dealerships, Carousell to launch car financing service
UNITED Overseas Bank (UOB) has teamed up with a consortium of seven car distributors and online retail platform Carousell to offer a digital car-financing service for more than 11 car brands, which could see the loan approval period for a car purchase reduced from three days to just 15 minutes.
The service, which will be available at dealerships as well as online on Carousell, will feature completely digital car-financing solutions that are designed to do away with the need for manual form filling and submission of hard-copy documents, UOB said.
For purchases made through distributors, car dealers need only submit the car buyer's name, mobile phone number and NRIC number into a secure online portal, which is supported by UOB's credit processing engine, a secure link to MyInfo and Credit Bureau Singapore.
Buyers are then required to log into their SingPass accounts to confirm their personal, car and financing details. Upon the buyer's consent, UOB processes the application within minutes.
For applications made through Carousell, car buyers applying for a UOB car loan are required to click on a Web link to fill in personal details. Once UOB approves the application, the dealer will call the buyer to confirm the purchase and buyers can accept the loan online.
The car dealers consist of Cycle & Carriage Singapore, which sells Mercedes-Benz, Mitsubishi, Kia and Citroen; Inchcape Singapore, which sells Toyota, Lexus and Suzuki; Motor Image Enterprises, which sells Subaru; Performance Premium Selection, which sells pre-owned BMWs; Premium Automobiles, which sells Audi; Tan Chong Motor Sales, which sells Nissan; and Trans Eurokars, which sells Mazda.
Together, the dealers account for about two-thirds of Singapore's car sales market, UOB said.
Jacquelyn Tan, UOB's head of personal financial services, Singapore, said: “UOB finances one in four new car sales so we understand firsthand from our partners in the automotive industry, and our customers, that they have a need for speed when it comes to car financing approvals. We have brought together Singapore’s largest car ecosystem – including online and brick-and-mortar car dealerships – to design a simpler, smarter and speedier route for car sales agents to help customers apply for loans.”
Quek Siu Rui, Carousell's co-founder and chief executive officer, noted that as consumer behaviour changes, brands need to adapt and evolve to best meet consumers' changing needs.
Mr Quek said: "UOB’s digital car-financing service allows us to integrate and offer more financing options to car buyers on the Carousell marketplace. Through this partnership, we continue to look for ways to create value for our users and better serve their evolving needs."