Say your customer’s vehicle needs a significant repair like a new air conditioning compressor or timing belt replacement, but the client doesn’t immediately have the funds available to pay. A new Canadian fintech startup is deploying a solution to help both the customer stay on the road safety and the dealership service drive to remain active.
Officials from GoToLoans highlighted that they can provide consumers with the ability to dip into the equity value of their vehicles to obtain instant online loan approvals for car repairs and maintenance.
GoToLoans explained there are no credit checks or income verifications required for approvals, which are instantaneous. The online lending platform instantly can show consumers their maximum eligible loan amount by simply providing their vehicle’s basic details including make, model, year and mileage.
The latest release of the GoToLoans web app now adds the ability for users to choose the type of repair needed and find mechanics and repair shops nearby based upon their location or entry of a postal code. The app even ranks the service providers by their distance and proximity to the consumer.
“This latest GoToLoans App release makes the consumer experience even better and easier, with choices from over 300 mechanics and repair shops. The app upgrade more quickly meets customer needs through vendor geolocation and organization by service,” GoToLoans chief operating officer Eric Kaplan said.
With the newest fintech solution for repairs, GoToLoans through its fully automated and paperless platform can offer repair loans ranging from $500 to $10,000, with repayment terms from 12 months to 48 months.
For maximum flexibility, consumers can choose how often to repay, monthly or even weekly, with the loan fully open to be paid off early at any time without penalty or fees.
Unlike conventional lenders, GoToLoans pointed out that it can provide an approval based solely on the value of a vehicle without the necessity of having to collect any personal information from the consumer. Customers instantly can apply online through their mobile device and their lending matrix allows GoToLoans to provide instant real-time loan approvals.
The company was started last year by Nahum Kaplan and Eric Kaplan, finance professionals with extensive experience in automotive financing. The Kaplans previously funded contracts at a private lender, TREND Financial, and grew the company portfolio to more than $50 million prior to its acquisition by a publicly traded company.
Eric Kaplan summarized GoToLoans’ objectives this way.
“GoToLoans understands the importance of payment plans and the convenience offered to consumers,” Eric Kaplan said. “We are trying to bring a new level of convenience to an inconvenient expense, automotive repairs.
“With a quick and easy platform that breaks the traditional model focused on the consumers’ personal credit as opposed to their assets, offering loans has never been easier,” he continued. “With our automotive lending experience, GoToLoans is perfectly positioned to help consumers unlock the value in their vehicles to assist them with maintaining their means of transportation, especially in times of competing financial priorities.”