Metro Bank Enters The Auto Finance Market
(24 January 2023 – United Kingdom) Metro Bank is entering the vehicle financing market in the United Kingdom (UK) with the launch of a digital car loan product.
CarFinance 247 and Motion Finance are the first brokers to trial the product with more partnerships expected to launch in the coming weeks.
The digital service will be offered under the RateSetter brand, using technology from the P2P lender that Metro Bank acquired for £2.5 million in 2020.
The RateSetter’s technology will provide every customer with a bespoke loan quote through an “automated and real-time” decision-making process.
With a paperless application process, eligible customers will apparently be able to “drive their car off the forecourt” the very same day, making it an efficient process for both borrowers and brokers.
“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,” said Metro Bank Head of Sales Motor Finance, Lloyd Collett.