Carsome has entered a partnership with Aspirasi, a micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions for used car dealers in Malaysia.
The collaboration aims to providing hassle-free and seamless financing solutions to used car dealers.
In a statement, Carsome Co-founder and Group CEO Eric Cheng (pictured above), the financing solution empowers used car dealers through financial inclusion and may 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,” said Cheng.
The underwriting process would require minimal documentation with short approval and disbursement turnaround time.
This eases the pain points of conventional underwriting processes, namely cumbersome documentation and a slower approval process.
Aspirasi has been providing digital financial support to micro-enterprises, as well as small and medium enterprises (SMEs) in the region since 2019. The collaboration with Carsome is an expansion of its digital financing solutions in the country.
Dealers on Carsome’s platform are now eligible for financing of up to 80 per cent of the used car transaction value, with financing rates as low as one per cent per month.