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.