CIMB Bank Berhad and CIMB Islamic Bank Berhad have rolled out the CIMB Auto Dealer App , a mobile application that enables automotive (“auto”) loan/financing approval within one minute upon full submission of required documents.
The App is the first auto financing platform of its kind in Malaysia, empowering car dealers by enabling fast, secure and seamless digital application submissions and processing for auto financing.
With the CIMB Auto Dealer App, car dealers nationwide can submit financing applications anytime and anywhere, with a real-time submission tracking feature that updates dealers on the status at every stage of the process.
This digital financing solution is introduced to ease customers’ car purchasing journey and decision-making. It also aims to simplify and expedite the auto financing submission process for car dealers, enabling them to allocate more resources towards customer support and sales.
The App’s one-minute approval time for eligible applicants is the fastest in the market today.
In order to accelerate the rollout, CIMB has partnered with CARSOME, Southeast Asia’s largest integrated car e-commerce platform, with 15 CARSOME Experience Centers already onboarded with the CIMB Auto Dealer App to support CARSOME’s customers on their vehicle financing needs.
With the success of the initial rollout, the Bank plans to roll out the App to more new and used car dealerships nationwide.
Samir Gupta, CEO, Group Consumer Banking of CIMB Group said, “With the success of this partnership, we look forward to onboarding other car dealers nationwide to make the auto financing process more convenient and transparent with a fully-digital process and real-time status tracking. The App reflects our commitment to continuously improve and simplify the banking experience for our customers and partners through digital innovation, in line with our focus on Customer Centricity under our Forward23+ strategic plan.”
Eric Cheng, Co-Founder and Group CEO of CARSOME said, “We are excited to work with CIMB to introduce Malaysia’s first Auto Dealer App for vehicle financing. Our partnership will enable more efficient financing approval for customers to purchase cars on CARSOME’s platform, providing them with a seamless and hassle-free experience. This is another step forward in our commitment to building the most trusted end-to-end ecosystem in the automotive industry.”
The CIMB Auto Dealer App is available for both new and used car financing, with loan submissions being administered in real-time during processing hours to provide greater flexibility and convenience.
Once an application has been approved, a letter of undertaking and notifications via SMS and email will be issued to the car dealer and customer immediately.
The CIMB Auto Dealer App is the latest addition to the CIMB InstaApproval series. The series includes, among others, CIMB’s 1-Minute Auto Financing InstaApproval for selected auto dealers and 1-Minute Home Financing InstaApproval which were launched in 2018.