Drom.ru, the leading automotive classified based in the Russian Far East, and Balans-Platforma fintech service for the auto industry have begun collaborating in offering Drom users online loans to purchase cars through the classified’s website and mobile app, the companies told Autostat.ru agency.
Drom has had a c-to-c lending service for many years, one of its top managers Mikhail Shchetinin said. However, is was not suitable for dealers who prefer to provide their finance through their own brokers and do not welcome clients with third-party loans, Shchetinin said. Drom was looking for a partner to provide a similar solution for the b-to-c segment that would be equally convenient for the client and for setting up end-to-end analytics for all parties involved in the transaction.
Balans-Platforma has been developing and implementing digital services to simplify F&I processes since 2017, said Alexey Borodavin, head of the auto vertical at Balans-Platforma.
“Our goal is to create a fast and convenient solution that meets the current customer demand for a car loan in just a few clicks. No lines, no endless forms, and no multiple trips to the dealership. Drom, as a leading classifieds platform, supported us in this endeavor and enabled us to implement the service, which has already attracted over 10,000 customers,” Borodavin told Autostat agency.
For the user, the application process for any type of loan is roughly the same. When they click the ‘buy on credit’ button in the ad, they will be taken to a simple form from Balans-Platforma, which is filled out almost entirely automatically if the applicant had undergone verification through Gosuslugi online public services. The form automatically pulls key data from the client’s digital profile. Since this data had been already verified, the client does not need to go through a lengthy application process and multiple visits to banks and dealers, Drom’s Shchetinin said.
Clients come to the dealership once with a pre-structured transaction that only needs a finishing touch, said Alexey Borodavin of Balans-Platforma. “For dealers and auto makers, this is a way to increase sales and maintain desired margins, as the loan application questionnaires are based on the rates and conditions agreed by the dealers. We offer banks an electronic transaction service, which improves the bank’s economics by eliminating the need for a dealer representative to travel to sign the transaction. Our services also eliminate data errors and all the paperwork,” Borodavin said.
Going forward, Drom plans to let users know the loan amount available to them when they start looking for a car, without even having to fill out credit forms. Balans-Platforma aims to make the service available to 15,000 – 18,000 customers per month by the end of the year.
