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Shinhan Financial Group has launched a comprehensive online auto financing platform dubbed “My Car" that allows checking of credit limits and comparing auto finance products or monthly installment plans.
The platform, available on Shinhan’s website and in an app form, minimizes credit denial by allowing the application for multiple products in one place.
It would also provide online shopping for car gadgets and accessories, and car price comparison, and information related to car maintenance.
My Car was created by merging Shinhan's two separate auto financing platforms, one operated by Shinhan Bank and the other by Shinhan Card.
Credit card firms have been struggling to make profits with the usual annual fees and credit card loans, prompting many to turn to auto-debit and loan businesses as added revenue sources.
Five South Korean card issuers, Shinhan, KB Kookmin, Woori, Samsung, and Lotte, registered a combined 132.4 billion won in net profit for the first half, up 11.3 percent on-year, from their auto-debit and financing business.
Several credit card firms, such as Samsung Card and Shinhan, have been designing and launching auto financing apps.
Hana Card plans to enter the auto loan market by the first quarter of next year.
The Financial Supervisory Service has increased the industry-required “leverage ratio” of equity to debt from 6 to 8 in September, giving card firms more room for business expansion.
The new leverage ratio rule has taken effect on Oct. 1.
