More of Britain’s car buyers will now be able to get instant decisions on their lending applications due to a new partnership between CRIF and BMW Financial Services.
CRIF will supply BMW Financial Services and its associated brands with advanced open banking services across hundreds of UK vehicle retailers, to power credit checks for car finance. Open banking-powered credit checks provide a clearer picture of an applicant’s true creditworthiness, meaning people, who might previously have been turned down, will be accepted for a loan without any extra risk for the lender.
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BMW Financial Services customers will now be able to access car finance more easily, benefitting from faster decisions, with financial products tailored to them and appropriate for their current financial circumstances. It will also help retailers approve more borrowers, thanks to a holistic, enhanced view of an applicant’s creditworthiness.
The number of car sold in the UK bounces back
The tie-up comes as the number of cars sold in the UK in 2023 increased by 17.9% year on year as supply challenges fade, helping to further fuel growth and recovery in the market by offering motorists more transparent products and services.
Sara Costantini, Regional Director for UK & Ireland, CRIF, said: “We’re seeing the UK car industry brush off the impacts of the pandemic and return to strong growth. Our partnership with BMW Financial Services in the UK will support this, helping more people to access the finance they need when buying a new motor.
“By utilising open banking transaction data, BMW Financial Services accesses more accurate consumer insights and extends its services to those who may have a thin credit file, due to living abroad for example, or those with non-traditional income patterns, such as those working in the growing gig economy.
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By GlobalData“Ultimately, this will help UK consumers to access the finance they need without extra risk, with the potential to increase sales for hundreds of BMW dealers and associated brands across the country.”
