Technology specialist Redline has announced a partnership to power an innovative new motor finance product with RAC Flexiloan, launched last week by Shawbrook Bank and the motor services company.
RAC Flexiloan allows used car buyers to defer a portion of the borrowing until the end of the term, so typically there’s a lower monthly repayment with a larger final repayment in the last month. Unlike most dealer finance, the car buyer owns the car from the start and there’s no excess mileage charges to worry about.
Designed, built and implemented by Redline’s specialist team, the online lending platform provides applicants with a swift and engaging customer experience culminating in a decision for the right loan product. Contract agreements are administered and securely executed by ID verified, advanced e-signature, courtesy of Bonafidee.
Steve Toms, Managing Director at Redline, said “It further illustrates the satisfaction felt by Shawbrook in terms of the levels of innovation, technical knowledge and service that we provide them with. To win the business, we had to prove our ability to respond quickly, to deliver innovative functionality against a backdrop of regulatory change, with the challenges of cybersecurity and GDPR being of critical importance to our clients”.
Paul Went, Products and Markets Director at Shawbrook Bank, said “Working together with the RAC, we saw a need in the used car market for a finance product that offers the benefits of traditional car finance products, such as PCP and HP, but gives the car owner the same control as taking an unsecured personal loan for their car purchase. Redline’s technical expertise and support enabled us to quickly bring the product to market.”