Resurs Bank

Resurs launches a new flexible financing offering for car purchasing

Resurs launches a new product under the name Pay by Loan, a flexible financing option when purchasing vehicles. The financing solution shortens today’s long application processes, and the customer does not have to act as an intermediary.

Car dealers have traditionally only had fixed rate products, a sort of "one size fits all" solution, for financing car purchases. Resurs wants to change that. In collaboration with the credit broker company Autolend, Resurs is now launching Pay by Loan, a new product that makes it faster and easier to get a car loan without collateral. The product is part of Resurs' Banking as a Service offer and is an important part of the investment in digital services.

The demand for seamless services that create better customer journeys has grown rapidly in recent years. Resurs' new solution is provided in Autolend's platform, where the customer applies for a loan and receives a plan that suits them. This makes it easier for the customer to plan their purchase.

– Buying a car at the same time as the household is struggling with increased costs can feel difficult. Our new offering makes a unique risk assessment of each customer to ensure that it gets a relevant and competitive financing option, says Felix Erlanson, Commercial Director Consumer Sweden at Resurs.

Easier for everyone
Pay by Loan is a scalable service that can be used on multiple platforms. The setup also creates an efficient sales process for the merchant. Instead of the customer acting as an intermediary in the purchase and first receiving the money and then paying for the car, the payment goes directly to the car dealer via Autolends plattform when the car is delivered.

– Pay by Loan is a real time solution. Information is sent to us at Resurs, the customer receives an answer immediately and can present it to the dealer. Everything is automated and digital. It is a service that makes life easier for both car dealers and consumers, says Felix Erlanson.

Car loans have been around for a long time, and with Pay by Loan as a new financing solution, Resurs want to kick start an innovation in the industry.

– Resurs is a perfect partner for this. We are both players who want to contribute with an innovative thinking in the market with rigid structures and strong tradition. We are excited to see what our collaboration can do to "stir the pot" in the industry, says Micke Nordberg, CEO at Autolend.