Monday, May 29, 2023

Mercado Libre gives users credits to buy cars

The Mercado Libre electronic commerce platform is moving beyond its original nature. Now, people will be able to use the credit to buy cars from person to person through an e-commerce site.

It was thanks to the alliance established by Latin American e-commerce with Creditus, a digital platform for financial solutions, that it became possible to launch a new financing option for the purchase of vehicles between individuals.

According to what was detailed by Mercado Libre through a statement, the credits that its users can access range from 50,000 pesos to 500,000 pesos. In addition, they will have a 20% down payment of the total value of the car, or, alternatively, make deferred payments of up to 60 monthly payments.

In this sense, the e-commerce noted that the alliance between the platforms began in 2022 so that Mercado Libre users can obtain automotive loans to buy vehicles from agencies or lots with just a few clicks.

However, seeing the increase in demand for credit applications, electronics companies decided to introduce marketplace financing for car sales between individuals, i.e. a customer can sell a car to another customer through the platform.

With this new service, Mercado Libre and Creditas want to increase the adoption of financial products by people whose income is not enough to buy a vehicle in cash.

Notably, for the time being, this new financing is only available in the Mexican states of Mexico City, Puebla, Tlaxcala, Morelos, State of Mexico and Hidalgo.

To use this service, first of all, a person who wants to sell his car through Mercado Libre places an advertisement on the e-commerce platform, where the buyer just needs to click on “I want to finance”.

Once the above is done, Creditus receives the customer information, does a pre-authorization with the maximum sanctioned amount and an advisor will contact the seller and buyer to act as an intermediary in the process.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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