Provides an online car financing platform that offers hire purchase (HP) and personal contract purchase (PCP) options with interest rates starting at 6.9% APR, enabling customers to spread the cost of their vehicles into manageable monthly payments. The platform streamlines the application process through a mobile app, allowing users to check eligibility, calculate payments, and complete purchases without paperwork or sales calls.
Funding
$350.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
NFounders
Product
Problem
Securing car financing through traditional methods often involves lengthy paperwork, in-person sales calls, and uncertainty regarding eligibility and loan terms. This process can be time-consuming and frustrating for prospective car buyers.
Solution
Carmoola offers a mobile-first platform that streamlines the car financing process, providing hire purchase (HP) and personal contract purchase (PCP) options. Users can quickly check their eligibility, calculate potential payments, and obtain a financing budget through the app in minutes, without impacting their credit score. The platform eliminates the need for paperwork and sales calls, allowing customers to manage their car purchase directly through their mobile device. Carmoola also provides free car checks to ensure customers have peace of mind about their vehicle purchase.
Target Audience
Carmoola targets UK residents aged 18-75 who are looking to finance a used car purchase with a borrowing amount between £2,000 to £40,000.
Features
- Mobile app for checking eligibility and managing car finance
- Instant budget calculation without affecting credit score
- Hire Purchase (HP) and Personal Contract Purchase (PCP) options
- Digital application process with no paperwork or sales calls
- Free car checks to assess vehicle condition
- Integration with Apple Pay and Google Pay for swift online payments
- Refinancing options to switch to a new lender and potentially save money
- Early settlement calculator to estimate outstanding amounts on existing agreements