SAN FRANCISCO--(BUSINESS WIRE)--Instamotor, the free online used car marketplace, announced today that its customers can now apply for and receive financing for vehicles on its platform.
An estimated 54% of used car buyers need financing according to Experian. By working with leading direct-to-consumer automotive lenders, Instamotor will become one of the few true automotive marketplaces to enable its users to shop for a used car and secure the financing more than half of them will need, all conveniently integrated in one place.
Loans enabled through Instamotor will be available to consumers with FICO scores as low as 500, which are people who commonly have trouble receiving optimal loan terms through traditional financing methods. Also, the application is optimized to be completed entirely in the comfort of one’s home rather than in a dealership office or credit union.
The company’s cofounder and COO Val Gui said enabling its customers to apply for financing will enhance their overall car shopping experience, which has historically been disjointed.
“Consumers turn to well-known used car websites to find the car that best fits their lifestyle, but are often unable to get the financing they need to make that purchase a reality,” said Gui. “Not only does Instamotor provide them with a safe and easy way to shop for the vehicle they want and secure financing for it, we do so within our mobile optimized marketplace, making the experience efficient throughout.”
Car buyers aren’t the only ones who will benefit from the new feature. Gui, who was a car dealer prior to starting the company, says the independent dealers who list their inventory on Instamotor’s marketplace will ultimately be able to close more sales.
“We work with a lot of dealers who don’t offer any type of financing or would have trouble getting approvals for low FICO score customers, so in these situations it’s beneficial to both them and their shoppers,” said Gui. “Using Instamotor, these dealers get access to pre-qualified, serious buyers. Not to mention, it’s completely free for them to list with us.”
For more information, visit https://instamotor.com/auto-finance
About Instamotor
Instamotor is a free, easy and safe way to buy, sell and finance a used car from private sellers and independent dealers. Each car listed on Instamotor is verified by analyzing various data points, both automatically by our algorithms and manually by our Fraud & Safety team, to ensure it is accurately represented by the owner. Instamotor is currently available in California and Texas with plans to expand to additional markets in 2018.