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Financing

Applications

  • How can I submit a new loan application?

    • To submit a new loan application, you have three options:
      • Go to Financing → Applications and click on ‘New application’
      • Go to ‘Home’ section and click on ‘Finance a car”
      • Go to ‘Cars’ section and click on ‘ Finance a car’

  • Where can I see my ongoing loan applications?

    • You can check your ongoing applications in Financing > Applications.

  • What happens when I start a new application but can’t finish at the moment?

    • A draft of your application will be saved on Financing → Applications for you to resume it when it’s more convenient.

  • How can I see the status of my loan application?

    • Go to Financing → Applications and click on the application for which you want to know the status.

  • What are the reasons to reject a loan application?

    • A loan application can be rejected for either of the following reasons:
      • Car or company doesn’t meet eligibility criteria
      • Car has major damages
      • Stock team considers it as a risky investment due to facts such as high mileage, damages, high rotation risk, others. You can always ask your CSM for clarification on this.

  • What are the additional eligibility criteria for stock financing?

    • within consecutive 4 months:
      • no overdue audits
      • no loans on sold cars remaining unpaid for more than 5 days
      • more than 3 loans reimbursed
    • less than 3 in stock loan applications submitted within 10 days
    • total stock financing under 50% of the credit line AND more than 5 loans has to be reimbursed (all time)

  • What are the vehicle and company eligibility criteria for financing?

    • Company eligibility
      • Access to financing is not paused due to overdue tasks
    • Vehicle eligibility
      • Have no current financing
      • Have not been subject to mileage manipulation
      • Have not been in a major accident
      • Have no issue with the ownership
      • Have been purchased (and registered) within 60 days
      • Not be older than ten years
      • Is not Pure Tech, Taxis, Truck, or specialised vehicle
      • Not have been driven more than 150 000km/93 000 miles
      • Have been bought for max of €/£50,000 or €/£70,000 if following conditions are met
        • within consecutive 4 months:
          • no overdue audits
          • no loans on sold cars remaining unpaid for more than 5 days
          • more than 3 loans reimbursed

  • Can I submit more than one loan application for the same car?

    • No. Each car can only be financed once.

  • Can I complete a stock financing by using the computer?

    • You can start your stock financing application on your computer. However, to complete the process, you’ll need to switch to the mobile app. This is because you are required to record a live video and take live photos of the vehicle as part of the application.

  • How long does my application take to be processed so I can receive my funds?

    • The financing flow for CAAB as financial partner is the following:
      • Day 1: Loan application submission and evaluation (applications should be submitted before 17h to ensure they are evaluated and approved the same day)
      • Day 2: Bank accepts the application and makes the transfer to INFINIT account
      • Day 3: Client receives the funds and pays the supplier. Transfer is instant by default but sometimes it can be scheduled as a regular SEPA transfer (arriving next working day).
    • The financing flow for Defacto, INFINIT Capital as financial partner is the following:
      • Day 1: Loan application submission and evaluation (max 24h)
      • Day 2: Transfer of financing to INFINIT account
      • Day 2: Client receives the funds and pays the supplier. Transfer is instant by default but sometimes it can be scheduled as a regular SEPA transfer (arriving next working day).

  • Does the financing include transportation costs?

    • Dealer can apply for the loan to cover additional costs of purchase, like transport, import tax or administrative costs. In this case invoice is required. Decision if they will be covered will be made by our Pricing team once they appraise your application. If the appraisal amount will be able to cover additional costs, we’ll proceed with the application and send it to lender. Otherwise, you’ll receive a new offer.

  • Does it allow the purchase of vehicles outside the platform abroad?

    • Yes, we finance imported cars. In some cases we may request you to provide additional documents, so we can confirm the purchase.

  • Does the financing take VAT into account when purchasing vehicles abroad?

    • We finance the total invoice amount for the vehicle purchase. If the invoice includes VAT, it will be covered as part of the financing.

Loans

  • Where can I see my loans?

    • You can go to the app to Financing > Loans. There you can filter by loan status:
      • Active
      • Terminated: loan maturity reached, car marked as sold or any reason of contract breach
      • Closed: loan reimbursed

  • Where can I see the reimbursement deadline for a loan?

    • To check your reimbursement deadline please go to Financing > Loans and look for the loan you want to review. There you will find the financing amount and due reimbursement date.

  • What are audits?

    Audits are periodic compliance checks to ensure:

    1. The car is at the dealer’s store / in dealer’s parking lot
    2. The car has not been damaged
    3. The mileage hasn’t significantly increased since the date of purchase

    During the loan duration, two types of audits are requested:

    1. First audit (Due diligence): client should submit car documentation + plug in GPS + record a video showing GPS, VIN and Mileage + take car pictures.
    2. Following audits: client should submit pictures of the car showing license plate, VIN and mileage.

    Audits must be submitted and approved by the INFINIT team by the due date. Please plan your audit completion accordingly.

    If the audit can’t be completed for reasons like car being repaired, washed, etc. we kindly ask you to send us a valid proof for our team to set a new due date.

  • What if my audits are overdue?

    • If your audits become overdue, your access to financing will be paused until you complete all overdue audits.
    • If your audits remain overdue for more than 7 days, we will arrange a physical visit to audit your cars. You will be charged for this inspection.

  • I sold the financed car, what should I do now?

    • The steps after selling your financed car are the following:
  1. Mark the car as sold:
    1. if there is pending audit for the car, go to the car loan, click on “continue audit” and mark the car as sold
    2. if there is no pending audit, contact our team and inform them that car has been sold
  2. Transfer the funds corresponding to the financed amount to your INFINIT account.
  3. Once your funds arrive, go to the loan, click on it and in the “Loans” tab click on “payback loan”. You’ll be requested to authorize the transaction. Once transaction is Booked, reimbursement is complete.

  • What are the reasons for a loan to be terminated?

    • A loan can be terminated for 3 reasons:
    1. Loan maturity reached
    2. Car was marked as sold
    3. There was contract breach to other reasons than listed above

    In all of these cases, the loan has to be reimbursed immediately. Exceptions are loans for which car was marked as sold. In this case dealer has 5 days to reimburse the loan.

  • How long does it take for the funds to arrive in my Infinit account after I transfer from my account?

    • Depends on the type of the payment you select when making transfer from your bank account.
      • If you select instant payment, that funds will arrive on your INFINIT account within minutes
      • Otherwise it may take up to 48h to process your transfer

  • What happens after I submit a car for financing?

    • Your application is reviewed and appraised by our Pricing team.
    • If the requested amount is less than or equal to the appraised value determined by our team and sufficient credit line is available, your application will be approved and sent to the lender. If not, we’ll present you with a revised loan offer for your review.
    • Final loan amount depends on available credit line and appraised amount

  • Do I have to accept the amount offered?

    • If we’re unable to approve the requested loan amount due to insufficient credit line or a lower appraised value, you’ll receive a new offer to review. You’ll be notified about the updated offer via push notification and email. You can choose to either accept or reject it. If you accept, the loan application will be sent to the lender. If you reject, the application will be canceled.

  • What happens once the payment team proposes the loan amount?

  • What happens when loan application is approved by INFINIT team?

    • Application is then sent to lender review that should be completed within 24h. Once approved by lender funds are transfered on your INFINIT operational account

  • When will I receive the funds?

    • After our Financing Partner initiates the funds transfer via SEPA Payment, funds take between 1-2 business days to arrive. This is the standard delay for these kind of payments.

  • Where will I receive the funds?

    • The funds will arrive to your Infinit operational account. You can find your IBAN on the ‘account’ section of your app.

  • I haven’t received the funds in the promised time. What happened

    • There are many scenarios that cause a financing request to be delayed. The lender didn’t integrate a reimbursement on time, there was a technical issue, the lender requested documentation, etc. In every case, we will take care of the whole process. Reach out to our CSM team to rest assured!

  • Is there a deadline to get a car financed?

    • Yes, we review applications only on business days between 9:00 AM and 5:00 PM. Applications submitted outside of these hours will be processed on the next business day.

  • What if I submit a request on Friday at 18:00?

    • The request will be handled next business day.

  • How do I pay the supplier?

    • Once we confirm the funds are in your account, you’ll see in your app the option to pay the supplier. Our Payments team will have already prepared the payment for you, so you’ll be able to complete the payment in one click!

  • I won an auction of a car worth 20,000 EUR but I only have 15,000 EUR remaining credit line. What can I do?

    • You can request 15000 EUR and top up your SWAN account with the remaining 5,000 EUR. Once the payment option becomes available, you’ll be able to pay the supplier directly the 20,000 EUR!

  • I don’t see the option to pay the supplier. Instead it only allows me to withdraw the funds to my personal account.

    • Our Infinit IBANs are sometimes rejected by suppliers. In this case please contact our team and provide proof of transfer from your own bank account and Payment team will setup withdraw for you.

  • I want to reimburse a loan, but I don’t see the option in the app.

    • In some rare cases, the vehicle reimbursement option isn’t available in your app. Reach out to our CSM team so we can solve this for you!

  • How soon can the financing be reused after completing a repayment?

    • Depending on the lender:
      • CAAB
        • France - Loan reimbursement requested before 4PM on business day will be credit on account of our bank partner in 72 hours, but it can take up to 4 days. Credit line will be released the day after.
        • Other countries - Loan repayment will typically be available on bank’s account immediately. Credit line will be released within 2-3 days.
      • Defacto and INFINIT Capital - you should be able to reuse financing once reimbursement transaction is Booked which is instant

  • Why my access to financing and withdrawal is paused?

    • There are several reasons why your access to financing and withdrawal:
      • at least one loan is terminated due to reached maturity, rejected first audit or any other reason that led to contact breach
      • at least one loan terminated due to car sold and unpaid for more than 5 days
      • at least one audit is overdue
      • unpaid INFINIT fee
      • unpaid notary fee (only in Spain and only for CAAB loans)
      • unpaid interests (only for CAAB loans
      • we’ve identified some issue with the company and reviewing it internally. In this case our team will contact you directly

  • How I can unblock my access to financing and withdrawal?

SPV