1 in every 600 cars in the UK was financed by an unsecured personal loan from Zopa – in the last 12 months alone Zopa lenders have helped more than 14,000 people buy a car.
We’re now expanding our loan offering to include car financing where the loan is secured against the car.
Secured auto-lending will initially be funded through an institutional partner. Depending on the performance of the market we will over time look to make these loans available to retail (individual lender) markets.
As and when secured auto-lending is offered to individual lenders we will communicate with lenders and share performance data, so lenders know where their money is going, and have a reasonable expectation on how it will perform.