Carmoola, the UK-based fintech that is revolutionising car financing, has announced a major new debt deal with NatWest, worth £100 million.
This deal will enable Carmoola to broaden and better serve its customer base, offering dealership-beating car finance rates and further enhancing the car buying experience versus traditional dealership financing.
The new funding will help even more people find and buy their dream cars, and as a result of this deal, Carmoola 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.
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.”
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."
Unlike traditional car financing, which often involves hidden fees and big commissions, Carmoola’s direct-to-consumer approach ensures that borrowers get better rates.
There is a big regulatory shift happening in the market, and through innovative deals like this, and 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.”
Customers will be able to take advantage of new rates immediately, making it easier than ever for consumers to get the financing they need at terms that work for them.