CARS24, India’s leading AutoTech company, has marked a significant milestone through its financial arm, CARS24 Financial Services Pvt Ltd (CFSPL). With an impressive track record and extraordinary growth, CFSPL has achieved an astounding 100 percent year on year increase in loan disbursements and has surpassed the remarkable milestone of INR 2,000 Crore since inception. This exceptional growth, coupled with sustained net profitability, has not only transformed the dreams of countless car enthusiasts into reality but has also solidified CARS24’s position as an unrivalled leader in the industry.
Setting itself apart as the pioneer in the pre-owned car industry, CARS24 obtained an NBFC licence in 2019, cementing its position as a full stack solution for pre-owned car buyers. The company is committed to providing an exceptional experience to the next generation of pre-owned car buyers by streamlining the buyer and borrower journey. By offering end-to-end support and hassle-free financing options for all cars, CARS24 empowers buyers to choose financing offers that perfectly align with their budget and individual needs. This customer-centric approach has resulted in a remarkable product-market fit, with the company delivering straightforward yet powerful financing solutions
March 2023 marked a significant milestone in India’s car financing landscape, with the highest loan disbursement recorded in a single month. According to CFSPL, Customers enthusiastically availed loans amounting to an impressive INR 150 plus crore during this period, indicating a substantial surge in car financing. This trend aligns with previous years’ data, where March consistently witnesses the highest number of cars being financed, showcasing a recurring pattern.
The remarkable increase in loan uptake during March can be attributed to various factors. Firstly, there is a growing desire among individuals to own personal vehicles, driven by the need for convenience, mobility, and independence. This aspiration fuels the demand for car financing as customers seek financial assistance to fulfil their dreams of car ownership. Additionally, March serves as an opportune time for car purchases due to several favourable factors. The commencement of the new financial year in India prompts individuals to make significant investments, including acquiring cars. Moreover, end-of-season discounts and promotional offers provided by car dealerships incentivize customers to finalise their purchases during this period. Furthermore, the utilisation of yearly bonuses or savings further contributes to the surge in car financing, as individuals leverage their financial resources to acquire vehicles. The notable increase in loan disbursement during March not only signifies the growing popularity of car financing but also highlights the importance of timing and market dynamics in the car purchasing process. As individuals strive to achieve their aspirations of car ownership, the availability of attractive financing options during this period plays a pivotal role in driving the remarkable surge in loan uptake.
Talking about the new milestone, CARS24 Co-founder & CFO, Ruchit Agarwal said “Our ultimate objective is to ensure that car ownership becomes accessible and convenient for everyone, and this milestone is a testament to our unwavering dedication to bringing this vision to life. We remain steadfast in our commitment to providing an exceptional and customer-centric experience, empowering individuals to fulfil their car ownership dreams with ease and satisfaction.”
Attractive interest rates, zero down payment, and flexible repayment terms provided by leading car financing providers, such as CARS24, have played a pivotal role in igniting this financing revolution.
CARS24 is leading the way in reshaping the car sales and ownership landscape across India, with a strong presence in over 100 cities. As the industry adapts to evolving trends and technologies, CARS24 is driving the automotive sector forward, positioning itself at the forefront of this transformative journey.
