Mercado Libre Will Provide Credit to Buy Cars through BBVA
- Mercado Libre and BBVA Mexico have formed an alliance to provide financing for car purchases on the e-commerce platform.
- Users will be able to request credit with a click, reserve the vehicle, and pick it up later at an authorized agency, following the verification process conducted by BBVA Mexico.
Mercado Libre, the renowned e-commerce platform, has partnered with BBVA México in a strategic alliance that revolutionizes the way Mexicans purchase vehicles. Through this collaboration, users can apply for vehicle financing with just a single click, reserve their chosen vehicle, and then pick it up from an authorized and verified dealership.
BBVA México will manage the credit review and validation process, ensuring direct and transparent communication with clients regarding payments, terms, and conditions, all stipulated by the banking institution. Iliana Vetrano, Director of Mercado Libre's marketplace for vehicles, real estate, and services, emphasized, "This partnership reinforces our commitment to serve all Mexicans, optimizing the buying and selling experience. We are proud to lead in integrating technology and commerce, thereby expanding and diversifying opportunities for our users."
Users can secure financing for both used and brand-new vehicles, covering models from 2017 to 2022.
These loans will offer flexible repayment terms ranging from 24 to 60 months, in collaboration with distinguished automotive agencies and distributors. The Mexican Association of Automotive Dealers (AMDA) indicates that 60% of new cars in Mexico are acquired through financing. However, the traditional process can often be cumbersome and time-consuming. With this new initiative, Mercado Libre and BBVA México aim to simplify and speed up this procedure, adapting to the demands of a digital age.
