Carmoola’s approach to car finance is centred around providing a fast, fair, and affordable service. Credit: NONGASIMO / Shutterstock.

UK-based car finance provider Carmoola has secured a £100m ($111.6m) debt deal with NatWest to expand its car financing services.

This move is expected to enhance the company’s ability to offer competitive car finance rates directly to consumers, challenging traditional dealership financing methods.

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Carmoola aims to offer dealership-beating finance rates to more customers with the funds, as well as provide a more streamlined alternative to traditional financing methods.

Carmoola founder and CEO Aidan Rushby said: “Through this new deal with NatWest, we’re again showing our commitment to putting customers first, at a time when our hassle-free and user-friendly approach is needed more than ever.

“This partnership not only enhances our ability to offer dealership-beating rates but also underscores a shift in the industry. The future of car financing is direct-to-consumer, and we are at the forefront of this change.

“Our goal is to make car financing as straightforward, transparent, and cost-effective as possible, and this deal will help us do that for even more car buyers.”

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The investment is expected to have a substantial impact on Carmoola’s operations, potentially leading to billions of pounds in loan originations over the next five years.

Carmoola’s approach to car finance is centred around providing a fast, fair, and affordable service.

By eliminating intermediaries, the company aims to streamline the car buying process for consumers.

NatWest speciality finance head and managing director George Ross said: “We’re proud to partner with Carmoola, who are doing great things in the car finance industry and driving innovation in the sector.

“This £100m deal is a vote of confidence in Carmoola and a commitment to the financial well-being of car buyers across the UK.”