Singapore automotive solutions experts Appvantage launch digital solution to revolutionise car loan applications
SINGAPORE - Media OutReach - 19 October 2021 - Appvantage, Singapore's leading automotive digital solutions provider, announces the full-scale offering of its Financial Loan Application (FLA) solution to Small and Medium Enterprises (SMEs) in the automotive industry to spearhead their digital presence and capabilities in auto ﬁnance.
A pioneering digital solution for auto financing, Appvantage's FLA allows, credit agencies, ﬁnancial leasing companies, and in-house ﬁnance providers to process car loan applications accurately, quickly, and securely.
As its latest addition to an arsenal of tech-led SME solutions, FLA aims to tackle the pain points faced by loan providers when processing loan applications from their dealership partners.
"One of the key issues for loans is that borrowers will need to dig up income statements, notice of assessments, employment details, and other bits and pieces of personal information. Finance providers will then need to scrutinise that data to review ﬁnance applications. With Appvantage, that's a thing of the past.", said Appvantage Managing Director Eng Poo Yang.
The financial leasing/ credit agency can offer a ﬁxed or customized finance product before requesting for customer veriﬁcation. Borrowers receive an SMS link to process the application by signing in to S ingpass, and using MyInfo to review and share data with the ﬁnance company.
Upon receiving the data from the customer, credit agencies can approve, reject, or re-negotiate the application before informing the dealer to follow up with the customer to complete the sales agreement.
This process ensures applications take no longer than 5 minutes, removes unnecessary paperwork, data entry errors and saves time and resources through the automation of loan applications.
Appvantage's Finance Loan Application solution for financial leasing companies and credit agencies is now ready for product demos and onboarding trials on https://www.appvantage.co/finance-loan-application/
Founded in 2011, Appvantage is the leading digitalisation partner of Singapore's automotive industry. To date, it has developed and deployed more than 200 customized products and cutting-edge automotive retail solutions for clients, in over 20 countries, including Daimler, Porsche, Eurokars, and Cycle & Carriage.