Carbar has partnered with fintech Carclarity to allow users to convert their subscription car into a loan to purchase the car they were using as a subscriber.
The deal sees CarClarity compare options from more than 30 lenders to provide loans tailored to the driver’s registration.
According to Carbar CEO Des Hang, they are launching the purchase loan option based on the requests of subscribers who decide they want to own the vehicle.
“Many who want to buy a car from us do not have the initial funds to do so. Or, as our recent research with YouGov revealed, they’d rather spend those extra dollars on other things like holidays, celebrations or their home,” he said.
“All of these factors underscore the importance of this partnership, which will provide additional options for our customers. CarClarity is as focused on the customer experience as we are. We look forward to working with them.”
CarClarity CEO and founder Zaher Jappy said the partnership is a natural next step for the two startups.
“When a Carbar customer wants to take the next step towards permanently purchasing their vehicle from Carbar, we can help them find a financing solution that is affordable and takes into account their personal circumstances,” he said.
“This unique financing solution works on what the customer is paying and gives Carbar customers more choices.”
Carbar raised $28.9 million in Melbourne in 2016 and in February this year in a round led by insurer IG. And led by billionaire Kerry Stokes’ Seven West Media. The capital is planned to expand Carbar’s marketing, partnership and technology capabilities and capitalize on the growing demand for electric vehicles.
Australia’s largest insurer IAG owns a majority stake in Carbar, backing a $16.8 million fundraising in 2019.
