UK, 14 April 2023: Experian and CarCloud have today announced a new partnership that will further enhance the car ownership experience for drivers using CarCloud’s free digital management app.
CarCloud users will now be able to check eligibility for new car finance deals without it affecting their credit score – giving them the confidence to go ahead with the best, most affordable option.
Further to this, users can also assess if they can obtain improved terms on their existing car finance deals. This gives drivers the ability to potentially move their current car finance loans to a deal with reduced payments or lower interest rates – an important feature for those concerned about rising living costs.
For lenders, eligibility gives them the ability to identify customers that are likely to be accepted much earlier in the journey, removing applications that would later be declined, saving time and costs, and helping boost conversion and acceptance rates.
Gerardo Montoya, Managing Director, Automotive, at Experian, said: “This is a very exciting collaboration for us as, for the very first time, users of CarCloud can take advantage of our industry leading eligibility capabilities that’ll help them make better, more informed decisions about their car financing and confidently navigate the car buying process. We’re thrilled this partnership will play a positive role in empowering more people to take control of their finances.”
Geoff Turral, Co-founder at CarCloud, said: ‘We’re delighted to be partnering with Experian. It’s a huge step forward in reaching our goal of taking the guess work out of car ownership. Combining Experian’s expertise in car finance and eligibility with CarCloud’s industry insight gives drivers total clarity about the cost of both financing their car and the future monthly costs of running it.”
This is the latest development of CarCloud’s app, which already provides users with the ability to digitally manage almost every aspects of their car, including reminders about tax, and MOT, finding the best insurance deals and free monthly car valuations.
Incorporating Experian’s eligibility solution into CarCloud’s app means that lenders can easily transfer from flat rate finance to rate-for-risk ensuring that customers get an affordable rate (or range of rates to choose from) tailored to their financial circumstance. Using rate-for-risk clearly shows that a lender is meeting the requirements of the FCA’s Customer Duty guidelines that demands customers get fair outcomes in car finance.
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Media contact:
Joe Green
Senior PR Manager, Corporate & Business, at Experian UK&I
Tel : 07812 737 768 / Email : joseph.green@experian.com
About Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
About CarCloud
CarCloud is a digital car management platform. Buying your car is a once in 3 year event, but owning it is a daily experience. CarCloud takes the guess work out of car ownership, reducing the time, costs and risks of the UK’s 2nd highest household monthly outlay.
In the teeth of the unprecedented squeeze on household budgets, we focus on supporting people in an aspect of their lives which is often costly and challenging, and which forces them to make choices from an often confusing range of options.
Our solution ensures that the UK’s 38m drivers have the option to manage their cars with confidence across their digital devices, at home and on the go, just like every virtually every other aspect of their lives.
Download CarCloud from your app store or visit www.carcloudcommunity.co.uk