
Car Finance Companies Lean Toward Digital Lending Tools and Platforms to Streamline Process
The car finance market has experienced considerable developments in the past decade, primarily driven by new business models, rising competition, and the onset of new technologies. The fluctuating sales of automotive vehicles across the world continue to define the course of the global car finance market. The sales of new cars across the world have witnessed a slight decline due to a host of demographic, technical, and economic factors since 2017. In addition, as the inventory of used cars continues to grow, the demand for new cars is decreasing. In addition, amidst the growing environmental concerns and calls to minimize carbon emission, car-pooling, the usage of electric bikes and bicycles has increased across the urban regions of the world. Current trends also indicate that more number of consumers are opting to purchase second-hand cars due to surging prices of new automotive cars due to which, the banking sector around the world is paying more attention to second-hand car financing.