Hyundai Commercial Launches 'GoTruck Finance' for Commercial Vehicles: "Loan Approved in 15 Minutes via Smartphone"

Industry's First Commercial Vehicle Dedicated Mobile Financial Service
Usage Rate Reaches 50% Within Just One Month of Launch

[Asia Economy Reporter Ki Ha-young] Hyundai Commercial announced on the 14th that it has launched 'GoTruck Finance,' the industry's first mobile financial service dedicated to commercial vehicles.

By using this service, loans can be approved in just 15 minutes through a system review without submitting any documents. Additionally, users can easily check loan limits and the progress of the review process in real-time via mobile, and also receive additional interest rate discount benefits.

Hyundai Commercial transformed the existing loan procedure, which required submitting an average of seven types of documents and waiting more than two days for review results, into a document-free, system-based review through GoTruck Finance. Existing commercial vehicle financial services had complicated loan reviews and long approval times because it was difficult to accurately verify the sales status of individual business owners and the market price of equipment.

For this reason, Hyundai Commercial designed and developed a new review model over the past year and a half to simplify the loan process. They enhanced scraping technology and expanded data exchange with credit information companies to advance the limit evaluation system. They also developed an algorithm to verify vehicle types and prices based on big data.

A Hyundai Commercial official said, "GoTruck Finance has achieved a usage rate of about 50% within just one month of its launch, receiving a positive response in the market," and added, "We plan to expand the service to corporate customers in the future and digitize all commercial vehicle loan products."

This content was produced with the assistance of AI translation services.