According to information on MercadoLibre Mexico’s site, users can get quotes for auto loans online in up to five minutes.
The car loan simulation can be done on both Meli’s site and via the Mexico-based app. Pre-approval is then sent, and a bank representative will call to follow up on the transaction. The deal can be closed later at a car dealership.
The loans can be used for both used and new cars. MercadoLibre Mexico will likely get a flat fee out of successful loans that come via its site.
In Latin America, banks like Itau and Santander generate significant revenues in Brazil from auto financing loans.
Kavak, which operates as a transactional autos marketplace, is slightly ahead of MercadoLibre Mexico Vehiculos in traffic, as it has gained steady traction in the market.