This deal will enable Carmoola to broaden and better serve its customer base, offering affordable car finance rates and further enhancing the car buying experience versus traditional dealership financing. The new funding will help even more people find and buy their dream cars, and as a result of this deal, Carmoola expects to deliver billions of pounds worth of loan originations by 2029.
This partnership will help accelerate Carmoola's goal in transforming the car finance industry by providing a fast, fair, and affordable way for consumers to get car finance directly, rather than through an intermediary.
The fintech’s executives emphasised that through this new deal with NatWest, they're showing their commitment to putting customers first, at a time when their hassle-free and user-friendly approach is needed more than ever. This partnership not only enhances their ability to offer dealership-beating rates, but also underscores a shift in the industry. The future of car financing is direct-to-consumer. Their goal is to make car financing as straightforward, transparent, and cost-effective as possible, and this deal will help them do that for even more car buyers.
Unlike traditional car financing, which often involves hidden fees and big commissions, Carmoola’s direct-to-consumer approach ensures that borrowers get better rates.
There is a big regulatory shift happening in the market, and through innovative deals like this, and the use of technology to streamline the whole process - from applying for a loan, to carrying out vehicle checks, and completing the purchase - Carmoola eliminates the extra costs, paperwork and uncertainty typically associated with car financing.
Customers will be able to take advantage of new rates immediately, making it easier for consumers to get the financing they need.
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