CRIF, Europe’s leading credit information provider, has forged a strategic partnership with BMW Financial Services (GB) Ltd., heralding a new era for Britain’s car buyers. Through this collaboration, more individuals will now receive instant decisions on their lending applications, ensuring a smoother purchasing experience at hundreds of UK vehicle retailers

Empowered by CRIF’s advanced open banking services, BMW Financial Services and its affiliated brands will implement seamless credit checks for car finance across their network. By leveraging open banking-powered credit checks, a more comprehensive assessment of an applicant’s creditworthiness is achieved, leading to increased acceptance rates without compromising risk management for the lender.

Sara Costantini, Regional Director for UK & Ireland at CRIF, highlighted the significance of the partnership in enhancing accessibility to car finance, stating, “We’re seeing the UK car industry brush off the impacts of the pandemic and return to strong growth. Our partnership with BMW Financial Services in the UK will support this, helping more people to access the finance they need when buying a new motor.”

Through CRIF’s innovative solutions, BMW Financial Services customers will enjoy expedited access to car finance, with faster decisions tailored to their unique financial circumstances. Additionally, retailers will benefit from increased approval rates, facilitated by a holistic evaluation of applicants’ creditworthiness.

Costantini further explained, “By utilizing open banking transaction data, BMW Financial Services accesses more accurate consumer insights and extends its services to those who may have a thin credit file, due to living abroad for example, or those with non-traditional income patterns, such as those working in the growing gig economy.”

The partnership aligns with the upward trend in the UK car market, which witnessed a 17.9% year-on-year increase in car sales in 2023, buoyed by waning supply challenges. As the market continues its growth trajectory, offering transparent products and services becomes paramount in enhancing customer experience and fostering recovery.

CRIF’s extensive experience as a market leader in car finance, including its successful Indirect Lending Service in the US, underscores its capability to expedite loan approvals and streamline processes. CRIF’s market-leading technology has resulted in a 7.5% increase in consumer lending across all geographies, accompanied by an 11.9% decrease in risk for consumers, ensuring a safer and more secure experience for all stakeholders.

Ultimately, the partnership between CRIF and BMW Financial Services holds the promise of democratizing access to car finance in the UK, empowering consumers and driving sales for BMW dealers and associated brands nationwide.