TotallyMoney challenges commission-focused industry with launch of new car finance platform
- TotallyMoney’s new car finance platform arrives as the UK’s £48bn-a-year* car industry revs up after shutting down for coronavirus
- A staggering £165† million a year could be saved if customers avoid unfair broker-commission structures
- TotallyMoney’s new service and innovation follows £29 million investment funding in 2019 from Elliott Advisors (UK) and Scottish Equity Partners (SEP)
- The company is rapidly scaling, having successfully launched a new energy switching service and hit its three million customer milestone in 2020
TotallyMoney, the rapidly developing FinTech, is shifting gears on the way customers finance their new car by launching a clear and fair car finance platform. The launch follows a recent FCA report that states customers could end up paying an extra £1,100‡ when taking out car finance at a dealership due to unfair commission models.
TotallyMoney is putting customers in the driving seat by providing them with a large and varied range of products to choose from, as well as giving customers greater transparency about how much they can borrow before they head to the dealership.
A steer in the right direction
The new service uses a customer’s creditworthiness to show their eligibility for a range of lenders. Improved ranking algorithms, which never factor in commission, ensure the product listings are in the customer’s favour, allowing them to see market-leading products to suit their car finance needs.
At the heart of the finance experts service is their award-winning free credit report, supported by their industry-leading Credit Report Analysis and next-generation energy switching. These features are presented in a concise, informative, and meaningful way for customers to understand.
Car finance is the next step for TotallyMoney to accelerate the company’s mission to help customers move up on to a better financial future, giving customers greater transparency in another essential area of their finances.
Chief Commercial Officer, Tom Platt, highlights the key features of the new product and how it helps customers:
“Buying a car is a necessity for many people, and is often one of the biggest purchases someone can make. This is more relevant than ever right now as more people avoid public transport amid the coronavirus crisis.
“Navigating car finance options at the dealership means people could agree to exorbitant prices to get the car they want. Our eligibility platform brings in creditworthiness as a top priority, so customers are only sold products that are right for their situation.
“We constantly review our panel of car finance providers so that customers are guaranteed to only see lenders that are right for them.
“On top of this, customers can check if they are pre-approved for offers before they apply. This lets them apply with confidence and know exactly how much they can borrow and will repay. As a result, customers can choose a car they know they can afford and have the financing already in place.”
Alastair Douglas, CEO of TotallyMoney, comments on the new launch:
“Car dealerships can sometimes seem unfair. The industry currently lacks competition, and at the point of sale, the main focus is on the broker’s commission, rather than what is right for the customer. So, challenging this industry is the logical next step for TotallyMoney.
“With the FCA crackdown on the dealer-broker commission structure, customers now have greater transparency when seeing what options they have available when buying a new car. This is particularly important during coronavirus, when people are likely to be wanting to travel more using a car.
“At TotallyMoney, we’re on a mission to improve the UK’s credit score and help our customers move on up to a better financial future. Checking their eligibility for car finance products and finding the best one to suit their needs is another way we are successfully helping our customers.”
For more information, please contact the press team
TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.
Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.
TotallyMoney is regulated by the Financial Conduct Authority (FCA).