MercadoLibre, Creditas Driving Loan for Used Cars in Mexico

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Argentina’s online marketplace MercadoLibre and Brazilian financial services firm Creditas have partnered to allow MercadoLibre users to apply for used car loans in Mexico, the companies said Thursday. MercadoLibre, the ubiquitous Amazon rival in Latin America, teamed up with Creditas in an effort to attract customers in a country with low credit penetration, Jaime Ugalde, MercadoLibre’s head of automobiles in Mexico, told Reuters. Lots of used cars are being recruited to join the platform, and the two companies hope to expand the semi-new offerings throughout Mexico, starting with Mexico City’s capital, said Creditas country manager Gabriela Rolon.

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“It’s also great for sellers,” Rolon said, referring to the ease of transactions, adding that potential buyers can purchase car lots knowing that a certain amount of money has been approved for their down payment.

In Mexico, demand for used cars has risen steadily, along with supply chain disruptions exacerbated by the COVID-19 pandemic and Russia’s invasion of Ukraine, according to industry experts.

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In Mexico, demand for used cars has risen steadily, along with supply chain disruptions exacerbated by the COVID-19 pandemic and Russia’s invasion of Ukraine, according to industry experts.

According to company data, MercadoLibre will be looking for cars with less than 40,234 km and less than five years old in the first half of this year.

“I think it could be a great option for someone who, for example, is looking for their first car and has no credit history, or someone who is looking for an older car because they can afford it,” says Ugalde. .

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MercadoLibre’s shopping platform has so far largely served as online car classifieds, Ugalde said, with users selling cars to other users without transactions going through the website.

Ugalde added that MercadoLibre aims to verify all of its users by the end of the year to avoid scams that have led the Mexican government to issue warnings.

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