CarTrade partners with Chola to finance used vehicles purchase

25 May 2022 CW Team

CarTrade Tech has signed a partnership with Cholamandalam Investment and Finance Company (Chola) to offer to finance for used cars.

The financial services arm of the Murugappa Group, Chola, will be the preferred financier for customers buying used cars or vehicles from CarWale abSure’s dealers of CarTrade Tech. Chola will customise its products and offerings as per the customer's needs.

This partnership aims to make mobility accessible to every middle-class Indian. The deal will push the growth of the used car market, which is expected to grow at a compound annual growth rate (CAGR) of a minimum of 11% in the next five years.

CEO of CarTrade Tech, Banwari Lal Sharma, said that this partnership between CarWale abSure and Chola is beneficial to the customers of both companies as the main goal is to provide seamless financing for used cars. With Chola’s legacy in the market, the companies will be able to ease the long and paperwork-intensive vehicle purchase cycle in the country.

CarWale provides a used pool of cars for the customers to choose from through advanced filters and sort options. When a customer is interested in a used car, CarWale connects them to the right dealers, assisting them in their car-buying process.

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Also read: CarTrade to raise Rs 2,000 cr through IPO

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