Fintech launch automates subprime loans for the automotive market
6 Apr 2021
Fintech company Car Capital has closed an $8.8 million Series A funding round that will enable it to launch its auto loan business across several states.
The Grapevine, Texas-based startup specializes in facilitating fast loan applications for car dealerships, promising a completely automated approval process and offering loans regardless of the customer's credit background.
A dealer submits a customer application through the company's Dealer Electric Auto Loan System (DEALS), which provides deal structures for all the cars on the dealer's lot. It shows the dealer's projected profit, enabling them to find the most profitable vehicle that is affordable for the customer.