Speedy car loan approval with UOB's digital financing solution

Speedy car loan approval with UOB's digital financing solution

Michelle Zhu
30/07/18, 03:03 pm

SINGAPORE (July 30): United Overseas Bank (UOB) on Monday launched a fully-digital car financing solution at the showrooms of seven dealerships in Singapore as well as via Carousell, the mobile and online classifieds marketplace with over 10,000 new and pre-owned cars listed for sale.   

The participating dealerships are Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection, Premium Automobiles, Tan Chong Motor Sales and Trans Eurokars.

Combined, UOB’s eight partners for the service will offer 11 car brands -- Audi, Citroen, Kia, Lexus, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Subaru, Suzuki and Toyota.

Each partner in the ecosystem has a custom-built loan dashboard with its respective database of car makes and models integrated into the solution such that they can be viewed together with status of all their customers’ UOB car loan applications.

This information is also used to automate the loan application process.  

In a Monday release, UOB says the dealerships and Carousell combined represents the largest car ecosystem in Singapore. The bank’s online car loan financing solution for car buyers is also the fastest in the market, as it cuts the process of manual car loan applications from an average of three working days to just 15 minutes digitally.

With UOB’s digital solution, a car dealer only needs to key in three data points for the customer -- the applicant’s name, mobile phone number and NRIC number -- into a secure and customised online portal. The buyer then logs in using their SingPass to confirm their personal, car and financing details. Upon customer consent, UOB processes the application within minutes.

The speedy solution is fuelled by the bank’s credit processing engine, a secure link to MyInfo and Credit Bureau Singapore.

For applications made via Carousell, the buyer only needs to click on the ‘Apply for UOB Car Loan’ link to enter their details once they have chosen their car. Once UOB has approved the application, the car dealer calls the buyer to confirm the purchase.

Citing data from the Credit Bureau of Singapore, Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB, says the bank currently finances one in four new car sales in Singapore.

This has, in turn, translated to a first-hand understanding from UOB’s partners in the automotive industry that customers have “a need for speed” when it comes to obtaining car financing approvals, she adds.

“We have brought together Singapore’s largest car ecosystem – including online and brick-and-mortar car dealerships – to design a simpler, smarter and speedier route for car sales agents to help customers apply for loans,” says Tan of the bank’s new partnerships and the related digital service.

Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB, flags off the go-karting race in conjunction with the launch of Singapore’s first fully-digital car financing solution for car buyers.

Singapore's housing dilemma: What are the broader implications?

SINGAPORE (Sept 17): In the past year and a half, the issue of the 99-year leases on Housing & Development Board (HDB) flats has triggered much debate. Now might be a good time to step back and examine what exactly has changed as a result of this debate and what the broader implications are. In fact, this issue could be a major game changer in many areas. Certainly, housing market dynamics will change, there could be shifts in savings behaviour and we are also likely to see major policy changes over time. These are big changes and it is important that Singaporeans have a clear understandin....

Najib to be charged tomorrow for RM2.6 bil in accounts

SINGAPORE (Sept 19): Malaysia’s former prime minister Najib Razak has been arrested today in connection to RM2.6 billion ($860 million) of 1MDB funds deposited into his personal account. According to a press release issued by the Malaysian Anti-Corruption Commission (MACC), Najib was arrested earlier today at 4.13pm at the MACC headquarters in Putrajaya. The former premier will be brought to the Kuala Lumpur Sessions Court tomorrow (Sept 20) at 3.00pm to face “several charges” under Section 23(1) of the MACC Act. The MACC also said that it will cooperate with the police to recor....

HNA explores sale of newly acquired CWT logistics unit

HONG KONG (Sept 19): China's HNA Group is in talks with banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singaporean business in a US$1 billion  ($1.4 billion) deal, several people familiar with the matter told Reuters. See: CWT receives formal US$1 bil takeover offer from HNA See: HNA to face $3.1 bil liquidity crunch this quarter See: HNA's fire sale gets into full swing from Hong Kong to London See: HNA Group co-chairman Wang Jian dies after accident in France The sale, if completed, would be the latest in a series of divestments aimed ....