Funding Societies to Provide Financing for Proton’s Second Hand Car Dealersby Fintech News Malaysia November 14, 2022 0 comments
SME digital financing platform Funding Societies Malaysia will provide credit facilities for PROTON dealers to finance the purchase of second-hand cars for floor stocking.
Dealers who wish to apply for financing may do so via Funding Societies’ online platform. Funding Societies will be able to provide financing for up to 85% of the transaction value with repayment periods of up to 90 days.
With this financial facility, PROTON dealers can grow their business by raising short-term capital to manage their cash flow and even use it for new car purchases from Proton Edar as well.
Currently, the company has 35 outlets retailing PROTON Certified Pre-Owned (PCPO) vehicles in the country.
UCM has also set up a dedicated PROTON used car website where consumers can view stocks without walking into showrooms and browse through the website to get an estimated used car’s market price.
Chai Kien Poon, Country Head, Funding Societies Malaysia said,
“In line with Funding Societies’ mission to provide financing facilities to underserved, creditworthy SMEs, this revolving credit facility provides PROTON’s dealers with a more seamless experience. They may utilise the facility any time and anywhere upon its activation.
Additionally, dealers will have access to our online supply chain financing system to manage their financing facility with us.”
“With PROTON’s sales volume increase over the past few years, we have seen an increase of trade-in or trade-up transactions.
Through the dealer financing service provided by Funding Societies, our dealers can finance the purchase of floor stocks to enable the trade-in transaction,”
said Wan Ahmad Fadzli Wan Mustafa, General Manager, Proton Edar.