Metro Bank is moving into the auto finance market, beginning with real-time hire purchase loans for used cars currently available through motor brokers.
The digital service will be offfered under the RateSetter brand, using technology from the P2P lender that Metro Bank acquired for £2.5 million in 2020.
RateSetter’s technology provides each customer with a bespoke loan quote, using an automated and real-time decision-making process. Eligible customers, who are able to get instant approvals, can drive their car off the forecourt the same day.
Lloyd Collett, head of sales motor finance at Metro Bank, says: “By providing an efficient and market-leading end-to-end journey through RateSetter technology for our broker partners, we’re ensuring quick, reliable and data-led decisions for their customers. I’m excited to see how this develops as we continue to expand, add more partners throughout the UK, and provide an increasing number of borrowers with a clear and transparent product to finance their car.”