Circeo presents CarFinXpress, a fully digital, real-time solution for car financing.
April 2023
2 min readOnline car sales are growing steadily in Europe and the world. Providing a complete financing solution online can help convert more sales and create new channels of revenue.
In response to the gradual growth of online car sales in Europe, Circeo has developed CarFinXpress; a solution to enable the financing of these purchases, online and in real time, in the form of a complete onboarding and underwriting process in a few minutes, with a final decision.
CarFinXpress offers 3 types of financial products available on the market today: loan, leasing and long-term rental. The most modern and efficient solutions for remote identity verification, underwriting and fraud prevention are integrated. The estimation of default risk and borrower’s affordability is based on an Open Banking score proposed by Circeo. Compliance checks such as Credit Bureau, AML/PEP are also included based on local regulations. The financial calculation engine allows counter-proposals to be generated if necessary, and makes it possible to sell a variety of services and insurances associated with the financing in a smart manner by staying in line with the borrower's affordability criteria.
CarFinXpress can be linked to a car dealer database for the selection of a delivery point for the vehicle. Alternatively, borrowers can go to a selected dealership to finalise the financing request, should the borrower not wish to complete all the steps online, thus allowing a true bi-channel experience.
CarFinXpress is available in a standard, pre-configured “plug-and-play" version, requiring only two points of integration with the website selling the vehicles and with the lender’s back-office system. But also, in a fully customisable version for lenders who wish to personalise the risk estimation parameters for example.
If you would like to know more about CarFinXpress, click here to learn more.
