UK-based fintech Carmoola car finance, has made a major new debt deal with banking organisation NatWest, worth £100 million. The new funding will help more people find and buy cars, and as a result of this deal, Carmoola claims it expects to deliver billions of pounds worth of loan originations over the next five years.
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. Customers will be able to take advantage of new rates immediately, making it easier than ever for them to get the financing they need.
Aidan Rushby, founder and CEO of Carmoola, said, “Through this new deal with NatWest, we’re again showing our commitment to putting customers first, at a time when our hassle-free and user-friendly approach is needed more than ever. We’ve been working on this partnership for some time, and I am so excited that we can now provide our customers with even more amazing rates.”
Unlike traditional car financing, which often involves hidden fees and big commissions, Carmoola takes a direct-to-consumer approach. Aidan added, “This partnership not only enhances our ability to offer dealership-beating rates, but also underscores a shift in the industry. The future of car financing is direct-to-consumer, and we are at the forefront of this change. Our goal is to make car financing as straightforward, transparent, and cost-effective as possible, and this deal will help us do that for even more car buyers.”
There is a big regulatory shift happening in the market, and through such deals 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.
George Ross, managing director and head of speciality finance at NatWest, said, “We’re proud to partner with Carmoola, who are doing great things in the car finance industry and driving innovation in the sector. This £100 million deal is a vote of confidence in Carmoola and a commitment to the financial wellbeing of car buyers across the UK.”
