Carsome Gives Used Car Dealers Digital Financing Options With Aspirasi

Integrated car e-commerce platform, Carsome has partnered with Aspirasi, the micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions to used car dealers in Malaysia.

The underwriting process, based on Carsome’s data in credit scoring, pricing and structured financing, requires minimal documentation which shortens approval and disbursement turnaround time.

According to Carsome Co-founder and Group Chief Executive Officer, Eric Cheng, the financing solution empowers used car dealers through financial inclusion, and is estimated to benefit at least 2,500 used car dealers on Carsome’s 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,” he said.

Through the collaboration, dealers on Carsome’s platform are now eligible for financing of up to 80 percent of the used car transaction value, with financing rates as low as one percent per month.

This partnership is expected to enhance used car dealers’ growth potential and extend both Carsome’s and Aspirasi’s reach.

Aspirasi joins Carsome’s other financing partners such as Funding Societies and CIMB Bank in offering various financing solutions to Carsome dealers, in line with Carsome’s efforts in creating an end-to-end integrated online used car ecosystem.

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