United Overseas Bank (UOB) has partnered online consumer marketplace Carousell, in addition to seven car dealers, to offer a digital car-financing service for consumers.
The seven partners offer 12 car brands, accounting for almost two-thirds of all cars sold in Singapore.
They are Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection Limited, Premium Automobiles, Tan Chong Motor Sales and Trans Eurokars.
UOB said in a media release on Monday, July 30, that with the collaboration, the time taken to process a loan application will be cut from an average of three working days to 15 minutes, when consumers take up a car loan with the bank through its partners. The need for manual form-filling and the furnishing of paper documents will be removed.
Car-buyers can also browse from among the 10,000 new and pre-owned cars listed on Carousell. Once they have chosen their desired car, they will be able to apply for a UOB car loan by clicking on a link.
Meanwhile, for those buying from any of the seven car dealers, they will find a custom-built loan dashboard is integrated into the dealership's own database. The dealer can help their customers apply for a car loan from UOB by logging onto the digital service.
"UOB finances one in four new car sales, so we understand first-hand from our partners in the automotive industry, and our customers, that they have a need for speed when it comes to car-financing approvals," explained Ms Jacquelyn Tan, the bank's head of personal financial services.