Today UK p2p lending service Zopa announced it will extend its product range to offer ‘Zopa Car ReFi‘, a refinancing product for car loans. It is positioned to allow consumers to refinance existing car loans at a better rate.
Zopa’s credit risk algorithms, combined with in-depth vehicle information, act together to provide customers with a free and instant personalised savings estimate, prior to those customers taking out the product.
Ownership of the vehicle remains with Zopaâ€™s Lenders until the final payment, when it will be transferred to the borrower.
Jaidev Janardana, Zopa CEO said, ‘We are thrilled to launch the UKâ€™s first seamless car refinancing service, helping thousands of consumers drive down the cost of car ownership. This is a market worth Â£12bn per year with plenty of space for customer-first innovation – something we have specialised in at Zopa for over 11 years. Buying a car is by far the most common reason for a customer to take a personal loan from Zopa, so we are proud to now also offer a product that can help customers that already have a car on a finance agreement. …’