SINGAPORE - 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 solutions for more than 11 car brands.
This will cut the process of getting a car loan from an average of three working days to 15 minutes by doing away with manual form filling, furnishing of paper documents and long processing times, the bank said.
UOB, which said it already finances one in four new cars sold, on Monday (July 30) announced the completely digital car-financing service, which will be available at dealerships as well as online on Carousell.
The car dealers are 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.
With UOB's digital solution, a car dealer only needs to key in three data points for the customer - the applicant's name, mobile phone number and NRIC number - into a secure and customised online portal. The buyer then logs in using his SingPass to confirm his personal, car and financing details.
Upon customer consent and with the bank's credit processing engine, as well as a secure link to MyInfo and Credit Bureau Singapore, the application will be processed within minutes, said UOB.
For car loan applications made via Carousell, buyers need to click on the "Apply for UOB Car Loan" link to enter their details once they have chosen their car.