Peer-to-peer platforms including Lending Works have been integrated onto a new online car finance comparison platform.
Credit broker Match Me Car Finance has appointed personal loans provider Loans Warehouse to provide an online personal loan comparison platform for its customers searching for car finance.
The platform has already integrated with Lending Works and Leap Lending and said it will soon be adding RateSetter too.
Applications made on Match Me Car Finance’s website will be assessed online as part of their initial application and qualifying clients will be presented with the traditional hire purchase options and the opportunity to speak to one of the firm’s finance executives.
But customers now also have the option to continue their search online through Loans Warehouse digital personal loan search platform.
“Personal loans traditionally offer prime customers lower starting rates, whereas hire purchase can offer higher-risk customers a better price due to the additional security of the asset so it’s a natural fit to offer the client the ability to compare,” said Matt Tristram, founder of Loans Warehouse.
“We continue to demonstrate the many uses of our personal loan platform, across property, car finance and comparison brands. The current pandemic has seen an increase in interest in our partner proposition as business look for opportunity post-lockdown.”
“Since the lockdown, Match Me Car Finance, have financed £870,346 worth of cars and vans for key workers, trades people, and those in need of a vehicle to support themselves and others,” Callum Walsh, founder of Match Me Car Finance, said.
“Loans Warehouse approached us last week, their proposition stood out immediately and the partnership was one of the easiest decisions I’ve made as a business owner.
“Within a few days we had completed due diligence, our white label site was built and we were live.
“Additionally, we have the ability to fully integrate their API platform too which with further increase client choice!”
The car finance market rose by three per cent in 2019 to £38bn according to figures released by The Finance and Leasing Association (FLA) in February.