Lendable has worked with car finance broker Zuto to develop a hire purchase product for vehicle buyers.
The product – called Autolend – uses an application programming interface (API) from peer-to-peer lender Lendable and is exclusively available through Zuto.
Customers will be shown their eligibility upfront and are given instant decisions and pre-approvals so they will very quickly know what their monthly repayments will be.
“At Lendable, we have the expertise in providing pre-approved, risk-based priced consumer credit to simplify car finance,“ Chris Bosworth, head of motor finance at Lendable, said.
“Pre-approvals, guaranteed real rates and risk-based pricing are all strong features, but the main benefit to consumers is transparency.
“Giving the customer control to pick the right financing for their needs is important to us, especially in what is a relatively opaque market historically.”
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Jo Robinson, head of lender development at Zuto, said pairing Lendable’s experience in consumer credit with Zuto’s expertise in the car finance market made perfect sense.
“We’ve worked with the Lendable team to develop this exciting new hire purchase product Autolend and we’re excited to see what customers think of it,” Robinson said.