Cars24: CARS24 offers loans to customers against existing cars

NEW DELHI: Online platform for buying and selling used vehicles CARS24 announced on Tuesday that it has launched a program offering customers a loan on their existing car to help owners facing a cash crunch but not willing to sell their vehicles.

Citing internal research, CARS24 said the number of customers selling cars due to cash shortages has doubled compared to pre-corona times. It will now provide loans to customers who do not wish to sell their car otherwise, the company said in a statement.

“This will help clients retain ownership of the asset and at the same time obtain funds for their personal needs,” CARS24 said. Currently, this service is available in Delhi-NCR, but it can be used by customers in Bangalore and Hyderabad by next month – August.

The company has aggressive plans to launch this offering in other metros by the end of the current fiscal year, she said.

CARS24 Vice President Vandita Kaul said, “We have witnessed many cases where people have shown interest in selling their car to meet their financial needs. Knowing that owning a car is becoming a necessity nowadays. , we have come up with an initiative so that our clients can secure their funds and keep their assets at the same time.”

She added that the response, so far, has been overwhelming and that the company intends to expand our services across the metros over the next six months. “So far, we have disbursed loans worth Rs 35 lakh to our clients in this vertical and hope to strengthen this portfolio exponentially from here,” she said.

CARS24 said that as standard procedure, the financial and loan value of cars will be assessed after going through an inspection process.

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