Moroccan online used car marketplace KIFAL Auto is rolling out new vehicle financing options.
In a Thursday (Jan. 18) press release, KIFAL Auto and Banque Marocaine pour le Commerce et l’Industrie (BMCI), the Moroccan subsidiary of BNP Paribas, said they have teamed up to enable easier access to financing for used car purchases.
Calling itself “the first online marketplace in Morocco to offer an entirely digital experience for vehicle financing,” KIFAL Auto allows prospective buyers to apply for financing entirely online including all necessary document submissions.
Consumers can apply for financing for any vehicle on the platform and access the credit they need in 48 hours if their application is approved and terms are met. Repayments can be spread over 12 to 84 months.
In the release, KIFAL Auto said that car buyers in Morocco can access a range of financing options, including unsecured consumer credit, used car credit with a barred title, or “Murabaha” with Islamic banks.
“Since we launched our financing product in October 2022, we have seen growing demand that confirms the need for our services given the current context,” Nizar Abdallaoui Maane, CEO and founder at KIFAL Auto, said. “During the month of December alone, we received more than 4,000 financing requests.”
The latest partnership follows similar arrangements KIFAL Auto has made with other lenders to help increase the range of financing options available to Morrocan car buyers.
Previously, the company has partnered with Eqdom, a consumer credit subsidiary of the Societe Generale Group, and Sofac, a Moroccan company that specializes in vehicle financing.
Globally, after several years of sustained growth, online car marketplaces like Carvana in the U.S. and Cazoo in the U.K. are under pressure. Unlike KIFAL Auto, which acts as a mediator, facilitating sales between buyers and sellers, these companies’ business model is built around buying and refurbishing cars to sell online.
Unfortunately for them, this approach hasn’t been easy sailing.
As PYMNTS reported on Wednesday (Jan. 18), Cazoo is looking to dramatically streamline its operations in an overhaul of its business plan that will see the firm close facilities and reduce its headcount.
Meanwhile, Carvana is also laying off more staff, having already cut around 4000 jobs in 2022.
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