App promises car finance convenience

AN AUSTRALIA-FIRST app that gives customers conditional approval for a car loan in minutes and enables them to obtain repayment details on vehicles by scanning their rego plate is poised to be the latest step in customer convenience being offered by Australian dealerships.

Shown for the first time in a product demonstration at the recent AADA Expo and Convention in Brisbane, Autopay’s coming AutoScan feature is believed to be the first-of-its-kind digital asset finance tool offered to the Australian automotive industry that has this capability.

It is aimed at reducing the time it takes to obtain secured vehicle finance, allowing prospective buyers immediate access to a repayment schedule for a vehicle of their choosing, while they are in a dealership. 

Currently completing its development by Australian fintech company MoneyMe, the new AutoScan feature is expected to be launched in the third quarter of this calendar year.

Launched last year, Autopay is one of the latest products to get car buyers into finance and is one of the quickest, claiming approval can be obtained within 60 minutes, accessible seven days a week.

The speed of the soon-to-launch AutoScan feature also means an approved customer can bypass the dealership’s finance team and go straight to sales staff to organise the deal, spending less time in the dealership than required by the traditional loan approval process.

Autopay’s partnership director Alex Luther told GoAuto that the feature is very simple to use.

“The customer scans the QR code at the dealership to begin the process, then enters their basic details which, for eligible applicants, leads to conditional approval confirmation of the amount of money they are able to borrow,” he said.

“Once the customer has that approval amount, the customer can then scan or enter the registration number on any car of interest at the dealership. 

“Once they enter the sale price of the car, we will display the interest rate of the loan and the monthly repayments.

“We know from research and data that consumers value convenience. We also know that everyone's busier than ever. That's where Autopay helps the buyer.”

Mr Luther said enquiries received at MoneyMe showed that a lot of prospective buyers are hesitant or nervous about the process of applying for finance. 

“That's why they're using us. With Autopay, we can put the customer at ease by coming back to them with an approval in as little as 60 minutes. 

“They are then equipped with the ability to drive away in the car, same day.” 

Mr Luther said the product had sparked a lot of interest and although it was first thought that it would appeal to millenials who were searching for a car, he had noted a large proportion of older people who were not necessarily tech-savvy have adapted to the process easily.

“We are getting a lot of positive feedback. Importantly, the really positive feedback is centred on the speed and the ease of it.

“There’s also the attraction of being able to apply from their own home, in their own time. That allows them to minimise their time in the dealership, or even avoid them even coming into a dealership until they pick up the car and not having to meet a business manager face to face. There's a whole range of benefits.”