Metro Bank has launched a digital car loan product under the RateSetter brand to enter the sizeable and growing vehicle financing UK market. The loans are hire purchase loans for used cars and are currently available through motor brokers using market-leading RateSetter technology. CarFinance 247 and Motion Finance are the first brokers to pilot the product with more partnerships expected to launch in the coming weeks.
RateSetter’s technology provides each customer with a bespoke loan quote, using an automated and real-time decision-making process. Borrowers benefit from a paperless application process and eligible customers, who are able to get instant approvals, can drive their car off the forecourt the same day. As a result, the entire journey, including the invoicing process, is an efficient end-to-end digital experience for both the borrower and broker.
“It’s great to see the project come to fruition and to be warmly welcomed by the motor broker industry,” commented Lloyd Collett, Head of Sales Motor Finance at Metro Bank. “By providing an efficient and market-leading end-to-end journey through RateSetter technology for our broker partners, we’re ensuring quick, reliable and data-led decisions for their customers. I’m excited to see how this develops as we continue to expand, add more partners throughout the UK, and provide an increasing number of borrowers with a clear and transparent product to finance their car.”
“As the UK’s largest online car finance platform, CarFinance 247 is proud to be one of the first in our industry to partner with Metro Bank and offer their hire purchase loans to our customers,” said Louis Rix, Chief Operating Officer at CarFinance 247. “We receive over 100,000 applications each month, and with this exciting new lender on our panel, we will be able to help even more people secure the finance deal that’s right for them. We look forward to working closely with the team at Metro Bank and supporting their exceptional customer service team to deliver a quick turnaround and highly efficient payout process to every eligible applicant.”