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Socar Partners with Shinhan Bank and Shinhan Card for Used Car Financing

Photo by Antonio Janeski / Unsplash

South Korean car-sharing platform Socar has announced a new partnership with Shinhan Bank and Shinhan Card to provide financing solutions for its used car business, Casting.

Starting in January, customers who purchase used cars through Casting will have access to differentiated financing programs offered by Shinhan Bank and Shinhan Card.

The partnership will enable the financial institutions to provide an integrated credit limit check, loan program, and card product through a single document submission.

As an industry leader, Shinhan Card has proactively advanced its auto financing market by collaborating with Shinhan Bank to launch Shinhan MyCar, a financial group asset platform.

In addition, Shinhan Card acquired long-term car rental assets worth KRW 500 billion (USD 450 million) from Hyundai Capital in March last year, as well as auto finance and vertical retail holdings in July.

Rival KB Capital will launch a paid advisory service using data aggregation from its used car sales business, KB ChaChaCha.

The data-based advisory service will cover auto parts, maintenance, and financial support.

Meanwhile, South Korea's largest automaker, Hyundai Motors Company, operates its financial programs in partnership with Hyundai Card & Capital.

Socar's subsidiary brand, Casting, began selling used cars in October, focusing on three models: Hyundai Tucson (ix 35), Hyundai Elantra (Lanta | Avante), and Kia Sportage (KX5).

According to the company, the operating data has been thoroughly analyzed, and the cars are priced 10% below the market price.

Socar has implemented a zero-contact process for car sales, allowing customers to search, test drive, and purchase used cars through the Socar app.

Detailed information such as remaining warranty, comfort details, and insurance history is available for easy comparison.