Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_492130867
July 9 2019

Zopa looks to grow secured car finance offering

Jordan Bintcliffe Industry News, News car finance, Zopa

ZOPA is readying to launch its secured car finance product as a direct offer on its website, as it looks to expand this segment of the business.

The world’s oldest peer-to-peer lender has offered car finance as part of its unsecured personal loan service since launching in 2005.

It entered the secured car finance space in December 2017, offering a hire purchase product purely via brokers. It widened its distribution to comparison sites such as Confused.com and ClearScore in November 2018, and it will soon be available as a direct offer on Zopa’s website and on dealers’ showrooms and websites.

“Historically, a third of our personal loans have been used to purchase a car,” a Zopa spokesperson told Peer2Peer Finance News via email.

“After announcing our ambitions to launch a bank back in 2016, we also looked at other industries and saw how dissatisfied customers were when applying for a car finance deal. Currently, a lot of the market seems to be focused on servicing the dealers.

“We want to put the customer back at the centre of the industry, give them a great customer experience that they deserve and make it possible for customers to choose whatever channel they want to make sure they are picking the best deal that suits them.”

Read more: Zopa says fintech revolution has killed off monogamous banking

Zopa’s technology determines an applicant’s eligibility for finance in less than eight seconds before offering customised services and solutions on a pre-approval basis.

Read more: Zopa plans £200m fundraise ahead of bank launch and IPO

Funding Circle launches European SME fund No alarms and no surprises

Related Posts

Dog at school

Industry News, News, Top 3

Five key takeaways from the fintech review

Closed sign

Industry News, News, Property, Top 3

The House Crowd goes into administration

investing

Industry News, News, Top 3

Government urged to modify EIS to promote lending

Popular posts:

  • RateSetter to stop investment withdrawals from 26 March
  • UK Finance calls for global fintech cooperation
  • The House Crowd goes into administration
  • Metro Bank plans to offer RateSetter lending through…
  • RateSetter confident of growing Metro Bank’s…
  • FCA puts the brakes on Buy2Let Cars
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by