Tesco Bank partners with Zopa to offer online auto finance

Tesco Bank partners with Zopa to offer online auto finance

By Joy Dumasia

Tesco Bank partners with digital bank Zopa to provide online car finance to millions of UK drivers. The two banks have teamed up to provide online hire-purchase auto finance, helping customers find high-value auto finance in just three minutes. The partnership simplifies car buying by combining the strength of the Tesco Bank brand and focus on helping customers manage their money with Zopa’s capabilities in creating innovative digital financial products.

With over 40 million drivers on UK roads and between seven and eight million used cars sold each year in the UK, both banks believe there is a strong demand for these car finance offers. Potential car buyers have access to pre-approved and guaranteed rates, giving them the confidence that they can borrow the cost of any vehicle they want before setting foot on the forecourt for a test drive.

Before selecting the right offer for them, clients visit the ClearScore Credit Market and provide details on how much they wish to borrow. The process is transparent and has no impact on their credit profile. All details are handled by Zopa, who also performs vehicle and car dealership background checks.

Sigga Sigurdardottir, Chief Client Officer at Tesco Bank, said: “We want to help customers who don’t have a personal loan from Tesco Bank working for them to find more attractive auto finance options. That’s why we’re excited to team up with Zopa to make it happen. At Tesco Bank, we are committed to providing products and services that match the needs of Tesco buyers, and this proposition means that customers can buy their cars with ease and confidence.

Recently, IBS Intelligence reported that Tesco Bank announced the appointment of Gary Duggan as Interim Managing Director of Tesco Underwriting and Interim Insurance Director of Tesco Bank.