South American eCommerce giant MercadoLibre and Brazilian financial service firm Creditas have joined forces to allow MercadoLibre users to apply for used car loans in Mexico.
MercadoLibre’s head of autos in Mexico, Jaime Ugalde, told Reuters Thursday (July 28) that the two companies are hoping to attract consumers in a country with minimal credit penetration.
The companies are recruiting used car lots to join the program, with the hope of expanding semi-new offerings throughout Mexico beginning with Creditas, country manager Gabriela Rolon told Reuters.
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