How Moove’s Vehicle Financing Product Works
Moove, the vehicle financing product provider, has recently announced a series of funding rounds that have totaled $105M to scale its product across Asia, Europe, and MENA.
Moove’s vehicle financing product provides integrated services to dealers, lenders, and end-users. This article will discuss how Moove’s vehicle financing product works and what sets it apart from the competition.
Moove raises $105M to scale its vehicle financing product across Asia, Europe and MENA
Moove’s vehicle financing product is designed to provide vehicle buyers an easy and cost-effective way to finance their purchases. Let’s look closer at how Moove’s product works and the key features that make it a great choice for those looking for car financing solutions.
Moove offers three finance options: Hire Purchase, Personal Contract Plan (PCP), and Lease Purchase. Each option has advantages, allowing customers to choose the most suitable product.
Hire Purchase: This option allows you to purchase your vehicle with an upfront deposit of 10%, followed by fixed payments over an agreed period, usually 12 – 60 months. At the end of this period, you will own the vehicle outright.
Personal Contract Plan (PCP) – This financing option is designed to give customers a lower initial payment than hire purchase and more flexibility when returning or trading in their car at the end of their agreement. After making a small initial payment, customers can make reduced monthly payments for up to 36 months, with any remaining balance due at the end or providing them with the option to part exchange or return the vehicle if they wish.
Lease Purchase: Lease purchase essentially functions like a hire purchase agreement but allows customers up additional mileage allowances in exchange for higher monthly payments than other financing options. The average lease agreement lasts three years with all other benefits similar to hire purchase agreements such as limits on post-agreement kilometers driven and no final balloon payment required at contracts end since ownership passes directly from Moove after all payments are fulfilled.
Moove also offers attractive interest rates tailored specifically around each customer’s criteria – offering competitive APR’s across all funding options regardless of credit profile while providing flexible repayment terms depending on customer preference (also known as ‘Affordability Factors’). Finally, Moove provides a full range of protection products such as Vehicle Service plans plus flexible warranties ranging from 12 months-48 months coverage to ensure that your new car remains well protected even after your finance agreement has ended.
What is Moove?
Moove is a vehicle financing startup that recently raised $105M to scale its product across Asia, Europe and MENA. The company has developed an innovative product that offers easy auto financing solutions to help customers purchase their dream vehicles. It offers customised financing packages with low interest rates, flexible payment plans and a wide range of car models.
This article will explain how Moove’s vehicle financing product works.
Overview of the company
Moove is the UK’s leading vehicle financing platform providing tailored and personalised auto finance solutions that fit individual needs. The company was founded in 2017 by two industry veterans to make car ownership available to everyone. Moove has sophisticated systems and technology to help customers find the right loan. Using their software, they can assess credit history, income and affordability in minutes, enabling people to get approved online quickly and easily.
Moove provides competitive rates that help customers save on car loans or rental payments. They also offer exclusive deals and discounts, meaning customers will always get a great deal on vehicle finance. Moove isn’t just about the products they offer; they are committed to excellent customer service by understanding their customers’ situations so that they can provide support where needed.
With extra features such as flexible repayment terms from 5-7 years, no deposit payments and payment holidays throughout the year, Moove makes it easy for people to drive away in a new car without compromising quality or service levels. From start to finish, Moove offers complete peace-of-mind with its award-winning products and services designed to give people freedom from worry over driving away a high-quality car with affordable monthly payments.
Moove is an innovative vehicle financing program offering personalized, custom-tailored lending options to car buyers and sellers. We provide our customers with dedicated teams of experts committed to finding the right loan solution to meet their needs. From expert advice and tailored solutions on finance options to a fast and effective online process, Moove is here to help you make the right decision about purchasing or selling a vehicle.
At Moove, we strive to create modern solutions that give you more convenience and access to the best vehicle financing. Our mission is simple – we’re committed to helping people access the best product for their financial situation, backed by unmatched customer service. Whether you need short-term bridge loans or long-term fixed rate financing – we provide flexible solutions at competitive rates so you can get into the perfect car for your lifestyle.
With hundreds of lenders across Canada and an experienced and knowledgeable team of professionals, Moove is here to ensure that your next vehicle purchase is smoother, more convenient, and more cost-effective than ever before. With Moove’s one-stop shopping means for vehicle financing, you can shop confidently knowing that you have personalized loan solutions available – no matter your current financial scenario!
How Does Moove’s Vehicle Financing Product Work?
Moove recently raised $105M to scale its vehicle financing product across Asia, Europe, the Middle East, and North Africa (MENA). With this product, Moove enables customers to finance their next vehicle purchase quickly and conveniently.
Moove’s vehicle financing product is no different from other financing products in that it offers an easy and convenient way to purchase a new vehicle. In this article, let’s explore how Moove’s vehicle financing product works.
Overview of the product
Moove’s Vehicle Financing product can help you own your vehicle with ease. Whether you are a business user or a private individual our automated process gives you access to the vehicles that fit your desired budget, without any time-consuming paperwork or high-interest rates.
We provide flexible car financing terms with lower monthly payments, so you can save money and drive away confidently. In addition, our simple pre-approval system enables us to accurately compare loan offers for the model and make of the vehicle you are interested in, selecting the most competitively priced loan.
With Moove’s Vehicle Financing product, we work with several leading automotive providers to give customers access to competitive rates on car loans without lengthy waiting times or excessive fees. We also offer convenient payment options, from monthly installments to early repayment plans, enabling customers to pay off their loan balance quickly and achieve maximum cost savings.
Our team of finance experts has extensive experience in automotive finance. It can provide helpful advice on purchasing decisions paired with informed guidance on managing loan payments and interest costs. You can use our online calculator tool to estimate your monthly payments or contact us if you need more information or assistance with applying for financing.
Step-by-step guide on how the product works
Moove’s vehicle financing product is an easy way to purchase a car without spending the entire amount upfront. Here’s an overview of starting with Moove and taking advantage of their competitive rates and added benefits.
1. Select a car: There are thousands of cars to choose from in the Moove marketplace, whether used cars, new cars, or electric vehicles. Pick the one that’s right for you by using the filters available on Moove’s website.
2. Get pre-approved: Find out in just a few minutes if you qualify for Moove’s competitive financing program by submitting your information online. This can be done from home or at any of Moove’s affiliated dealerships nationwide.
3. Choose loan terms: Once approved, pick from flexible loan terms that match your budget and timeline – ranging from two to six years (with some exceptions for electric vehicles). You’ll see an interest rate locked in at the start of your loan based on your credit score and other factors, so there are no surprises along the way!
4. Sign paperwork: The last step is signing paperwork provided by Moove or one of their dealerships – this can typically be done within 30 minutes so you can get behind your new set of wheels sooner than later!
5. Drive off in time: That’s it! Depending on when you apply and where you live, it’s possible to have approved financing within a few days – allowing you to drive away with confidence knowing that all details have been taken care of beforehand with competitive rates at hand too!
Benefits of Using Moove’s Vehicle Financing Product
Moove has recently raised $105M to further scale its vehicle financing product across Asia, Europe and MENA. The company’s product is said to provide users with several benefits, including lower interest rates, more flexible terms, and easier access to financing compared to traditional auto financing sources.
Let’s take a closer look at some of the features and benefits of Moove’s vehicle financing product.
Overview of the Benefits
Moove’s Vehicle Financing Product provides customers various benefits when purchasing a car or other vehicle. This product can help customers find the right vehicle and financing option that fits their budget while providing them with a comprehensive protection plan. The following section highlights some of the benefits that Moove’s Vehicle Financing Product offers:
1. Affordable: Moove offers customers an affordable financing option, allowing them to select the best loan package that fits their budget. Customers can choose from numerous lenders and get customized loan packages tailored to their needs.
2. Comprehensive Protection Plan: The best feature offered by Moove’s Vehicle Financing Product is its comprehensive protection plans, which provide customers almost absolute peace of mind when financing a car or other vehicle. The protection plans include GAP coverage and extended warranties, which provide additional safety for customers in case of unexpected circumstances or repairs.
3. Same Day Delivery Option: Moove boasts a same day delivery service for those looking to purchase vehicles quickly and easily without worrying about taking delivery later on. Customers can receive their vehicle within 24 hours after selecting the right loan package.
4. Wide Range of Vehicles: With Moove’s Vehicle Financing Product, customers have access to an expansive selection of vehicles including cars, trucks, vans, SUV’s, boats and more from numerous top manufacturers like Honda and Ford – bringing more value to your money than ever before!
5. Easy Online Application Process: Getting started with Moove’s Vehicle Financing Product is straightforward, quick and easy thanks to its simple online application process that only takes minutes to complete – you could be driving away in your new car in no time at all!
List of Advantages
Vehicle financing is an important part of buying a car, and car financing companies offer their customers a range of special features and benefits. Moove’s vehicle financing product is designed to give customers an affordable and flexible way to purchase their vehicle. Here are just some of the advantages that customers can receive when using Moove’s Vehicle Financing product:
– Competitive Interest Rates: Customers can access competitive interest rates with Moove’s Vehicle Financing product to get some of the best rates available on the market.
– Flexible Terms: Customers can choose from repayment terms ranging from 12-72 months depending on their financial situation. This means customers can spread their payments over a longer period, allowing them more time to build up savings or conveniently manage their finances.
– Low requirements: To apply for Moove’s Vehicle Financing product, there are no complicated steps or strict criteria since all customers qualify regardless of credit history or score.
– Easy online application: Customers can apply quickly online in just minutes and the approval process is often simple, so they receive an answer immediately.
– Comprehensive coverage: Once approved, Moove’s Vehicle Financing covers most vehicles up to $25,000 with comprehensive coverage such as gap insurance and credit life insurance at no additional cost. Plus, customers will enjoy 24/7 roadside assistance for added peace of mind when traveling.
Moove’s Recent Fundraising Round
Moove, the leading provider of vehicle financing, recently closed a $105M Series B funding round, bringing the total funding to $125M. This round was led by SoftBank Ventures Asia, along with participation from several existing and new investors, including Global Brain and Arun Sarin.
The funding will further develop Moove’s vehicle financing product and expand the company’s foothold in Asia, Europe and MENA.
Overview of the fundraising round
Moove, a leading fintech company based in India, recently completed a new funding round that raised USD 30 million from its existing investors. The funds will be used to further develop and launch Moove’s cutting-edge vehicle financing product.
Venture capital firms including Falcon Edge Capital, Anchor Equity Partners and Arpwood Capital led the fundraising round. In addition, many of Moove’s existing early-stage investors also participated in the round including 3one4 Capital, Chiratae Ventures (formerly known as IDG Ventures India), Mistletoe Inc., GMO (Global Market Opportunity), Apollo Finvest and Pidgin Capital Japan.
Through its vehicle financing product, Moove has developed a cutting edge platform with industry leading digital processes that reflects the shift from traditional lending models to digital solutions. Moove leverages proprietary algorithms to assess credit risk more effectively resulting in faster disbursement speeds. With its simplified yet secure onboarding process, users can get approved for credit without physical interrogation or uncertain waiting times for document verification.
As part of its offerings, Moove also provides roadside assistance benefit which makes them well-equipped with all the necessary infrastructure to become a preferred financier amongst customers across India. They envision providing convenient and easy financing options while enabling an efficient two-way flow of information between them and the customers they serve – essentially helping build stronger relationships among lender & borrower over time with extensive data tracking capabilities!
Details of the fundraising round
On Jan. 11, 2021, Moove announced it had raised an additional $20 million in financing in its latest funding round. The investment was led by Index Ventures and included several new investors and existing backers Kleiner Perkins, Tusk Ventures and Ribbit Capital. The funds will be used to grow Moove’s vehicle finance solutions and expand its global presence.
Moove creates flexible vehicle financing products designed to meet the needs of customers who cannot qualify for traditional car loans from banks and other lenders due to their financial status or credit score. They offer a range of options for those with varying credit scores, ranging from the “SuperPrime” installment loan for those with excellent credit scores to the “Flex Purchase Plan” for borrowers with lower scores or limited access to capital. In addition, they work with individual customers and fleet operators seeking finance options for their vehicles.
The company also provides monthly payments bundled with a basic warranty, roadside assistance and other services to give customers peace of mind that they can keep their vehicles running smoothly and efficiently over their loan term. Moove is dedicated to providing quality customer service while helping individuals obtain quality vehicles on terms that work best for them regardless of their income level or credit rating.
Plans for the funds raised
Moove, a vehicle financing platform for car buyers, successfully concluded its Series B fundraising round in April 2021. The company raised approximately USD 42 million in funding from a pool of investors. With this, Moove has raised over USD 60 million to date, scaling it to new heights as it works towards revolutionising the car-buying process.
The funds from the Series B fundraising will be used to further strengthen the core technology and product platform that powers Moove, providing a suite of products for leasing and financing cars. The company plans to invest in building out new technologies such as AI-driven fraud detection systems and digital customer support services. In addition, these funds will likely propel the development of Restart – an innovation that aims to provide more attractive rates and terms for used car buyers – which is set to launch in late 2021.
Moove also intends use the funds raised to expand into different markets including Singapore and Japan – broadening their international presence and reach. With scalable web platforms and mobile apps tailored for each market, Moove intends to extend their online financing services into various countries worldwide, creating targeted product offerings depending on customers’ needs and preferences.