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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/


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