ManagePay P2P platform provides used car dealer floor stocking financing
Arjuna Chandran Shankar/theedgemarkets.com
October 20, 2020 20:12 pm +08
KUALA LUMPUR (Oct 20): ManagePay Systems Bhd’s peer-to-peer (P2P) financing platform is set to provide floor stocking financing for used car dealers.
In a statement, the company said wholly-owned P2P financing platform QuicKash Malaysia Sdn Bhd will be providing floor stocking financing to 365 Resources Sdn Bhd’s recruited used-car dealers with vehicles acting as collateral and guarantee.
ManagePay said that under the partnership, participating used car dealers would be able to access financing of up to 70% of the transaction value of the used cars.
365 Resources CEO Soh Chee Kang noted that the traditional financing avenue does not usually cater to used car dealers, resulting in the latter raising money from lenders that charge hefty interest rates. As a result, the costs of keeping up with these rates are passed down to buyers, who as a result sometimes look into buying a new car instead. (For more content... click here)