In a move that could redefine how consumers purchase their next vehicle, UK-based fintech Carmoola has secured a £100M debt deal with NatWest. With the new partnership, Carmoola aims to deliver competitive, dealership-beating car finance rates, providing an alternative to traditional car finance options.
For those in the market for a new car, the familiar experience of sorting through dealership finance deals often comes with hidden fees, paperwork, and high interest rates. Carmoola’s direct-to-consumer approach offers a streamlined, hassle-free alternative. This debt deal will allow the company to expand its customer base and help buyers find better finance rates for their dream cars—quickly and affordably.
Disrupting car finance industry
With this £100M debt deal, Carmoola is positioning itself to lead the transformation of the car finance industry. The fintech expects to originate billions in car loans over the next five years, all while maintaining its commitment to transparency and ease of use.
“Through this new deal with NatWest, we’re again showing our commitment to putting customers first, at a time when our hassle-free and user-friendly approach is needed more than ever,” said Aidan Rushby, CEO and founder of Carmoola.
He added, “This partnership not only enhances our ability to offer dealership-beating rates, but also underscores a shift in the industry. The future of car financing is direct-to-consumer, and we are at the forefront of this change.”
Carmoola offers transparency and better rates
One of the key benefits of Carmoola’s offering is its transparency. Unlike traditional financing options that come with hidden fees or hefty commissions, Carmoola’s model eliminates these extra costs. By leveraging technology to manage the entire process, from loan applications to vehicle checks, the platform simplifies car financing and ensures that consumers receive competitive, fair rates.
Rushby highlighted that the company’s mission is to “make car financing as straightforward, transparent, and cost-effective as possible.” Thanks to the £100M funding from NatWest, Carmoola is now in a stronger position to reach even more car buyers with these customer-focused solutions.
NatWest sees potential in Carmoola
The backing from NatWest demonstrates strong confidence in Carmoola’s growth trajectory and impact on the car finance sector. George Ross, managing director and head of speciality finance at NatWest, praised the fintech’s disruptive approach, stating, “We’re proud to partner with Carmoola, who are doing great things in the car finance industry and driving innovation in the sector.” He continued, “This £100M deal is a vote of confidence in Carmoola and a commitment to the financial wellbeing of car buyers across the UK.”
With this fresh influx of capital, Carmoola will continue to deliver on its promise of better rates and a superior car-buying experience. Customers will be able to take advantage of the new offerings immediately, enjoying lower rates and a more streamlined process for securing their next vehicle.
Reshapes car finance with cutting-edge solutions
As a fast-growing fintech, Carmoola has made significant strides in modernising car finance. By using a direct-to-consumer model, the company empowers buyers to access finance directly rather than relying on third-party dealerships. This model allows Carmoola to offer flexible and transparent loan terms, designed to suit individual needs.
Carmoola is authorised by the Financial Conduct Authority (958057) and is a member of CIFAS, ensuring security and compliance with regulatory standards. With rates starting as low as 6.9% APR, and a representative rate of 15.7% APR, Carmoola offers competitive financing to car buyers across the UK.
Thanks to its innovative approach and this landmark deal with NatWest, Carmoola is poised to continue shaking up the car finance industry, helping consumers get behind the wheel of their dream cars on fairer, more affordable terms.
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