Zopa will roll out its online hire purchase car finance product to Tesco Bank customers.
Potential car buyers can use this product for access to pre-approved, guaranteed rates.
Customers must visit credit marketplace ClearScore and provide details on how much they would like to borrow, before selecting a suitable deal in a process that has no impact on their credit score. Zopa handles all the details and conducts the background checks on the vehicle and the car dealer.
Zopa currently serves half a million customers and is currently lending over £100m per year in car hire purchase finance, while Tesco Bank aids over five million customers through banking, insurance and money services.
“Partnering with Tesco Bank is a proud moment for Zopa and our online car finance product,” said Tim Waterman, chief commercial officer at Zopa.
“At a time when people want great value, fair financial products and a simple, intuitive experience, Zopa’s digital-first products and market expertise combined with Tesco Bank’s brand strength continues our mission to bring car financing into the 21st century.
“By teaming up we’re making it easy for consumers who don’t yet know Zopa to access digitally native, industry leading products adapted to their needs, reaffirming our unwavering commitment to great customer experience.”
“We want to help those customers where a Tesco Bank personal loan doesn’t work for them to find more great value car finance options,” said Sigga Sigurdardottir, chief customer officer at Tesco Bank.
“That’s why we’re delighted to team up with Zopa to make this happen. At Tesco Bank, we’re committed to offering products and services which align with the needs of Tesco shoppers, and this proposition means customers can buy their car with ease and confidence.”
Earlier this month, Zopa Bank confirmed a $300m (£220m) fundraise as part of its plans to go public and appointed former PepsiCo executive Helen Beurier as its first chief people officer ahead of the upcoming initial public offering.