Deutsche Motors and Charanchawa Sign MOU
Plan to Launch First Debt Refinancing Product and Purchase Loan in Internet Banking
K Bank signs a business agreement with Deutsche Motors and Charancha to develop innovative automotive finance services. Photo by K Bank
View original imageK Bank is entering the auto loan market as the first internet-only bank to do so.
On the 24th, K Bank announced that it has signed a business agreement for the development of innovative auto finance services with Deutsche Motors, an automobile importer and dealer, and Charancha, an online used car trading platform. Through this agreement, they plan to launch a service within the year that allows users to complete everything from used car inquiries to loan execution in one go.
K Bank will also introduce auto loan products for this purpose. They plan to launch a refinancing product for auto loans in the first half of the year and an auto purchase loan within the year. K Bank explained that by entering the auto loan market, which has been considered a major product of secondary financial institutions, they will expand convenience and offer benefits such as lower loan interest rates.
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Seo Hoseong, CEO of K Bank, said, “We expect K Bank’s non-face-to-face innovation to expand into auto finance,” and added, “With the capabilities and expertise of the three companies, we will quickly introduce innovative services that customers can truly feel.” Kwon Hyukmin, CEO of Deutsche Motors, also said, “Through this collaboration, we will strive to provide reasonable auto finance products in the used car sector as well.”
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