Metro Bank’s RateSetter brand launches digital car loans
Metro Bank has entered the UK’s growing vehicle financing market with the launch of a digital car loan product under the RateSetter brand.
The loans, effectively hire purchase facilities for used cars, are available through brokers using RateSetter’s technology, with CarFinance 247 and Motion Finance the first to pilot the product.
Metro Bank said it expects to announce more partnerships in the coming weeks.
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RateSetter’s paperless technology provides each customer with a bespoke loan quote, using an automated, real-time decision-making process. Approved customers can drive their car off the forecourt the same day.
“It’s great to see the project come to fruition and to be warmly welcomed by the motor broker industry,” said Lloyd Collett, head of sales, motor finance at Metro Bank.
“By providing an efficient and market-leading end-to-end journey through RateSetter technology for our broker partners, we’re ensuring quick, reliable and data-led decisions for their customers. I’m excited to see how this develops as we continue to expand, add more partners throughout the UK, and provide an increasing number of borrowers with a clear and transparent product to finance their car.”
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Louis Rix, chief operating officer at CarFinance 247, said: “As the UK’s largest online car finance platform, CarFinance 247 is proud to be one of the first in our industry to partner with Metro Bank and offer their hire purchase loans to our customers.
“We receive over 100,000 applications each month, and with this exciting new lender on our panel, we will be able to help even more people secure the finance deal that’s right for them. We look forward to working closely with the team at Metro Bank and supporting their exceptional customer service team to deliver a quick turnaround and highly efficient payout process to every eligible applicant.”
Metro Bank acquired the RateSetter platform in September 2020 for £12m.