SYDNEY, Jan. 24, 2024 /PRNewswire/ -- Digital lender and non-bank challenger MONEYME (ASX: MME) has signed an exclusive 12-month deal with one of Australia's fastest growing luxury caravan manufacturers Snowy River Caravans to offer direct-to-consumer financing for the first time through their secured vehicle loan product Autopay.
Clayton Howes, MONEYME's Managing Director and CEO
As a result of the deal, customers can now assess their personalised loan and repayment details for any caravan on the showroom floor by simply scanning a QR code. Once decided, they can finalise their Autopay loan application and tow away with their choice of caravan in as little as 60 minutes.
On-the-spot Autopay financing is available at Snowy River's three main sites across Victoria and Western Australia, and is available for its Snowy River, Regent and Newgen brands.
The partnership will also involve Snowy River Caravans and MONEYME Autopay jointly appearing at roughly 70 trade shows in the next 12 months, to allow customers to use the self-serve Autoscan feature, apply for finance and purchase caravans on the spot at the shows.
For MONEYME, the caravan sector presents a highly lucrative and growing market, with caravan financing also offering a new secured asset type.
According to Tourism Research Australia, there were over 770,000 caravans and campervans registered in Australia as of 2021, with 12.7 million caravan trips taken and $10.5 billion spent on caravan and camping travel in the year ending June 2022.
There were also 28,031 new units sold in Australia in 2022, up by 17 per cent on 2021, which is the highest number of caravan sales to take place since the 1970s.
In line with MONEYME's focus on higher-credit-quality borrowers and secured assets, caravan buyers open up a market of long-term, high credit quality borrowers that are typically also homeowners.
Clayton Howes, CEO & MD of MONEYME said: "With a number of incumbents leaving the vehicle finance sector and a growing number of consumers interested in caravans, this partnership presents MONEYME with the perfect opportunity to expand into a new secured asset class.
"We have an excellent track record funding cars, SUVs, vans, utes and light commercial vehicles, so it was only a matter of time before we expanded into recreational vehicles.
"Our goal is to make finance easier and more accessible through technology, and we're pleased to partner with Snowy River Caravans to offer fast, digital financing to a new class of customers."
Alex Luther, MONEYME Autopay Partnership Director said: "We are excited to partner with Snowy River Caravans, one of the fastest growing caravan manufacturers in Australia. The demand for caravan holidays is growing and this partnership allows us to offer caravan buyers a quick and simple financing experience through Autopay.
"Our Autoscan feature is a first for the caravan industry and we look forward to bringing that revolutionary experience to Snowy River retail sites and camping shows across the country.
"Visitors at Snowy River's stand can get finance pre-approval in seconds and obtain tailored repayment schedules for every Snowy River, Regent and NewGen model at the show by scanning a QR code. We look forward to this journey with the Snowy River team, making caravan financing faster and more accessible."
Andrew Crank, CEO of Snowy River Caravans said: "We are thrilled to join forces with MONEYME, a digital lender and fintech disruptor known for its speed and exceptional digital experiences. Its innovative approach aligns perfectly with our commitment to providing customers with a market-leading end-to-end experience.
"This partnership allows our customers to visit our main retail sites, explore our latest caravan models, secure financing, and tow away their new caravan on the same day.
"For us, being able to offer Autopay and the self-serve Autoscan feature at caravan shows is particularly exciting. Visitors will be able to obtain financing quotes on the spot, enhancing the overall experience and making it easier for them to embark on their caravan adventures.
"We look forward to a successful partnership that prioritises customer satisfaction and accessibility."
Snowy River Caravans is also a fellow sponsor of the Tickford Racing Supercars team alongside MONEYME.
About MONEYME:
MONEYME is a founder-led digital lender and Certified B Corporation?. We challenge the traditional ways of credit and simplify the borrowing experience with digital-first experiences that meet the needs of modern consumers.
We target customers with higher-than-average credit profiles through a range of fast, flexible, and competitively priced products, including car loans, personal loans, and credit cards.
Our point of difference is delivering unrivalled customer experiences powered by smart technology. From near real-time credit decisioning to loans that settle in minutes, we deliver speed and efficiency in everything we do.
We service 'Generation Now', ambitious Australians who expect more from life and the companies they engage with. We uphold a strong ethos of sustainability and hold ourselves accountable to the high standards of the B Corp movement.
MONEYME Limited is listed on the ASX, and the Group includes licensed and regulated credit and financial services providers operating in Australia.
