TotallyMoney, the credit app which helps everyone move their finances forward, announces its partnership with fintech car financing app,
Carmoola:
- In the past 12 months, the ongoing global semiconductor shortage has continued to slow production of new vehicles, driving up the average of used cars by 19.5% to £17,173*
- Meanwhile, wages have failed to keep up with inflation, and the used car finance market has grown by 7% in value and 5% in volume**
- The API integration enables pre-approval and guaranteed rates, so customers know their chances of acceptance, and exactly how much they’ll need to repay
- Carmoola’s highly automated, app-based customer journey and virtual card means customers can purchase a vehicle in as little as 8 minutes
- Putting customers in the driving seat
- For many, buying a car is one of the biggest purchases they’ll ever make. And with used car prices increasing by 19.5% to £17,173 in the past 12 months, the demand for finance has followed.
To ensure people are put in the driver's seat and presented with a full range of fair and affordable financing options available, TotallyMoney has partnered with Carmoola to add its new and innovative product to their panel.
By integrating Carmoola via an API, TotallyMoney has enabled pre-approval and guaranteed rates, removing the guesswork so customers know their chances of acceptance, and how much they’ll need to repay.
Eligible customers will see their pre-approved credit limit in the Carmoola app, empowering them to complete their purchase in 3 easy steps using a virtual card, from online retailers such as Cazoo and Cinch or at any authorised car dealership. In addition to this, their loan history, repayments and credit score can all be tracked through the TotallyMoney app.
Alastair Douglas, CEO of TotallyMoney comments: “TotallyMoney is on a mission to help everyone move their finances forward. One aspect of this includes working with new and innovative partners to provide our customers with even more options.
“With almost five million customers, and a focus on the 20 million† UK adults who are otherwise overlooked and under-served by the financial services industry, TotallyMoney provides a unique opportunity as the go-to-market partner for responsible growth. As a truly agile business, we were able to launch Carmoola in just three days.
“By integrating via an API, we can use customer credit report data, resulting in better funnel efficiency, and enabling more accurate decision-making. Reduced API calls also reduce bureau costs, speed up performance and improve the customer journey.
“A credit market which benefits customers and works for business doesn't have to be mutually exclusive. Innovation and collaboration are key to improving transparency, empowering customers and creating a financial services industry which works for all.”
Aidan Rushby, CEO of Carmoola adds: “We’re incredibly excited to be empowering almost 5 million TotallyMoney customers to buy their dream car in as little as 8 minutes.
“At Carmoola, we are challenging the status quo of the car finance market. We want to bring the excitement and fun back into buying a car and have designed a straightforward online application process with no sales calls, confusing jargon or excessive paperwork. The response from customers since our launch last March has been unbelievable, with 100,000s of applications and market-leading reviews.
“We’re really looking forward to building on our partnerships with customer-focussed companies like TotallyMoney so that even more customers can drive happy, knowing that they’ve taken control of their car finance.”
