SINGAPORE: The United Overseas Bank (UOB) on Monday (Jul 30) launched a digital financing solution for car buyers which it said will cut the waiting time for an approval of a car loan from three working days to just 15 minutes.
The bank said a research it conducted found that a major pain point in buying cars is the amount of paperwork and time it takes for a salesperson and customer to complete a car loan application.
UOB's new car loan process will remove the need for manual form filling, the furnishing of paper documents and long processing times, the bank said in a news release.
It is available at seven dealerships across the country and online marketplace Carousell. The seven dealerships are Cycle and Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection Limited, Premium Automobiles, Tan Chong Motor Sales and Trans Eurokars.
Altogether they offer 11 car brands, which account for almost two-thirds of all cars sold in Singapore.
Ms Jacquelyn Tan, UOB head of personal financial services in Singapore, believes the new financing solution will "transform the car buying journey".
"UOB finances one in four new car sales so we understand first-hand from our partners in the automotive industry and our customers that they have a need for speed when it comes to car financing approvals," said Ms Tan.