Multi-channel automobile buying and selling platform CarTrade Tech Ltd on Tuesday said it has entered into an alliance with IDFC First Bank to offer easy and smart financing for used cars.
Under the partnership, IDFC First Bank will become the preferred financier for customers purchasing used vehicles from CarWale abSure’s dealers with customised offerings to suit their needs, the company said in a statement.
CarWale abSure is the used car platform of CarTrade Tech.
"Our financing offerings with IDFC will ensure a hassle-free experience backed by trust and reliability. It is definitely an honour to partner with IDFC First as this will bring in liquidity in the used car segment,” CarTrade Tech CEO Consumer Business Banwari Lal Sharma said.
Commenting on the partnership, IDFC First Business Head – Vehicle Loans Rishi Mishra said, "The tie-up offers great synergies for both partners and we are looking forward to this association with CarTrade Tech”.
IDFC First Bank’s scorecard-based loan sanctioning and end-to-end digitised and automated loan onboarding journey will empower CarTrade/CarWale abSure dealers.
It will also offer a seamless loan processing experience to customers, Mishra added.