Used car e-commerce platform Carsome has inked a partnership with Axiata Digital’s micro-financing provider, Aspirasi, to offer data-backed digital financing to used car dealers in Malaysia.
Carsome said that the collaboration is aimed at providing hassle-free and seamless financing to dealers. The underwriting process – based on the company’s data in credit scoring, pricing, and structured financing – is said to require minimal documentation, thereby shortening approval and disbursement turnaround time.
Company co-founder and Group CEO Eric Cheng said that the financing solution is estimated to benefit at least 2,500 used car dealers on the e-commerce platform.
“Aspirasi’s financing scheme, coupled with our data capabilities, will see the enhancement of used car dealers’ financing needs in a viable manner. We are confident that this will be the most convenient solution for dealers who want to expand their business with ease and speed through Carsome’s platform,” Cheng said.
According to Carsome, dealers are on its platform are now eligible for financing of up to 80% of the used car transaction value, with financing rates as low as one percent per month.
Apart from offering financing solutions, the company has also invested over RM10 million in Malaysia to help used car dealers through a variety of programmes, including the Dealer Alliance Support Program, Dealer Car Selling Program, and Dealer VIP Program.