KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have launched the CIMB Auto Dealer app, a mobile application that enables automotive loan or financing approval within one minute upon full submission of required documents.

The app is the first auto financing platform of its kind in Malaysia and it helps car dealers by enabling fast, secure and seamless digital application submissions and processing for auto financing.

By using the app, car dealers nationwide can submit financing applications at their convenience, with a real-time submission tracking feature that updates dealers on the status at every stage of the process to ease customers’ car purchasing journey and decision-making. It also aims to simplify and expedite the auto financing submission process for car dealers, enabling them to allocate more resources towards customer support and sales.

In order to accelerate the rollout, CIMB partnered with integrated car e-commerce platform Carsome, with 15 Carsome experience centres already onboarded with the CIMB Auto Dealer app to support Carsome’s customers on their vehicle financing needs. With the success of the initial rollout, the bank plans to roll out the app to more new and used car dealerships nationwide.

CIMB group consumer banking CEO Samir Gupta said the group looks forward to working closely with Carsome and supporting customers’ auto financing needs through this seamless digital auto financing solution.

“With this partnership, we look forward to onboarding other car dealers nationwide to make the auto financing process more convenient and transparent with a fully-digital process and real-time status tracking,” he said in a statement today.

Meanwhile, Carsome co-founder and group CEO Eric Cheng expressed his excitement to work with CIMB to introduce Malaysia’s first auto dealer app for vehicle financing.

“Our partnership will enable more efficient financing approval for customers to purchase cars on Carsome’s platform, providing them with a seamless and hassle-free experience. This is another step forward in our commitment to building the most trusted end-to-end ecosystem in the automotive industry,” he said.

The CIMB Auto Dealer app is available for both new and used car financing, with loan submissions being administered in real-time during processing hours to provide greater flexibility and convenience.

Once an application has been approved, a letter of undertaking and notifications via SMS and email will be issued to the car dealer and customer immediately.

The CIMB Auto Dealer app is the latest addition to the CIMB Instaapproval series. The series includes, among others, CIMB’s 1-Minute Auto Financing Instaapproval for selected auto dealers and 1-Minute Home Financing Instaapproval which were launched in 2018.