CARS24 launches loan facility against pre-owned cars

CARS24, E-commerce for transaction of pre-owned and second hand cars said the number of customers selling cars due to liquidity crunch has doubled as compared to pre-corona times. It will now give loans to those customers who do not wish to sell their cars otherwise.

CARS24 launches loan facility against pre-owned cars. CARS24 on Tuesday said it has launched a scheme offering customers loan against their existing car to aid owners. Who are facing liquidity crunch but do not wish to sell their vehicles.

Citing an in-house research, CARS24, E-commerce for transaction of pre-owned and second hand cars said the number of customers selling cars due to liquidity crunch has doubled as compared to pre-corona times. It will now give loans to those customers who do not wish to sell their cars otherwise, the company said in a statement.

“This will help customers to retain the ownership of the asset and at the same time get funds against it for their personal needs,” CARS24 said.

Currently, this service is available in Delhi-NCR, which will soon be extended to customers in Bangalore and Hyderabad.

The company has aggressive plans to launch this offer. In other metros by the end of the ongoing fiscal, it said.

CARS24 Vice President Vandita Kaul said. “We have witnessed a lot of cases where people have showed interest in selling their cars. To fulfill their financial needs. Knowing that owning a car is a becoming a necessity these days. We came up with an initiative so that our customers can secure funds and retain their assets at the same time.”

“Till now, we have disbursed loans worth ₹35 lakh to our customers. However within this vertical and hope to strengthen this portfolio exponentially from here”. She said.

CARS24 said, as a standard operating procedure, the financial loan value of cars will be estimated. After undergoing an inspection process.

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