Riyadh – Kingdom of Saudi Arabia: Carsvid, the digital platform specializing in buying and selling cars in the Kingdom of Saudi Arabia, announced the signing of a cooperation agreement with Quara Finance, aiming to provide flexible digital financing solutions for platform users and enhance the car-buying experience through financing options that facilitate ownership procedures.
The agreement was signed by Shaya Al-Qahtani, Co-Founder of Carsvid, and Turki Radwan, Business Development Manager at Quara Finance, in a step aimed at combining Carsvid’s digital car discovery experience with the financing solutions provided by Quara, offering users a more integrated journey that begins with selecting a car and extends through financing and completing ownership procedures.
The cooperation comes as part of both parties’ efforts to develop the car-buying experience in the Kingdom by providing digital financing options that give customers greater flexibility in choosing a car and payment method, subject to the eligibility criteria, terms, and conditions approved by Quara Finance.
Buy Now and Pay Later for Up to 48 Months
One of the key solutions offered through the new cooperation is the ability to purchase a car and pay over a period of up to 48 months, providing users with greater flexibility in managing the car’s value through monthly installments suited to their financial capacity, subject to the eligibility criteria, terms, and conditions approved by Quara Finance.
This service adds a new option to the car-buying experience through Carsvid, allowing users to discover a car and view its details in a video, then select the appropriate financing option and complete the purchase procedures according to the approved financing mechanism.
Ownership Registered in the Customer’s Name from the Beginning
Among the solutions Carsvid offers its customers through its cooperation with Quara Finance is registering the car in the customer’s name from the beginning of the ownership process, in accordance with the approved financing procedures and conditions. This feature provides greater clarity to the customer experience, particularly because it directly links the financing option to the car ownership process instead of treating it as a separate stage in the purchasing journey.
Through the financing solution provided by Quara, Carsvid also offers a digital experience designed to simplify and accelerate the application procedures, with the possibility of receiving a financing decision within hours, depending on the customer’s eligibility and the completion of the required documents and requirements.
Thus, the installment experience through Carsvid is not limited to distributing the car’s value over a longer repayment period; it extends to include an integrated journey that begins with selecting the car and viewing its details, proceeds through applying for financing, and ends with completing the ownership procedures, within a model that combines Carsvid’s digital platform with Quara’s financing solution.
Financing Without the Need to Transfer Your Salary
The cooperation also enables Carsvid customers to benefit from car financing solutions without the need to transfer their salary, subject to the approved eligibility criteria. This option represents an additional financing route for customers wishing to purchase a car through Carsvid, without salary transfer being part of the requirements for benefiting from this type of financing, while the application remains subject to the eligibility standards and requirements specified by the financing provider.
The Agreement-Signing Ceremony and Statements from Representatives of Carsvid and Quara Finance
The signing of the cooperation agreement between Carsvid and Quara Finance took place in an atmosphere reflecting the importance of this step in developing the digital car-buying experience in the Kingdom, in the presence of representatives from both sides. The parties discussed ways to expand the scope of financing services offered to Carsvid users and directly connect financing solutions with the journey of discovering, purchasing, and owning a car.
For his part, Shaya Al-Qahtani, Co-Founder of Carsvid, confirmed that the cooperation with Quara Finance is an extension of Carsvid’s efforts to develop the car-buying experience and make it easier and clearer for users. He explained that the platform focuses not only on how cars are presented, but also on developing the various stages of the customer journey, from discovering the car through video to selecting a payment method and completing the ownership procedures.
For his part, Turki Radwan, Business Development Manager at Quara Finance, explained that the cooperation with Carsvid comes as part of Quara’s efforts to expand its partnerships with digital platforms and provide financing solutions suited to evolving consumer behavior and needs. He highlighted the importance of integrating financing services into the digital purchasing journey rather than treating them as a separate stage.
The signing of the agreement between Al-Qahtani and Radwan reflects both parties’ aim to build a more integrated car-buying experience that combines the ease of discovering cars through Carsvid with the digital financing solutions provided by Quara, enabling users to move from viewing and selecting a car to financing and ownership within a more connected purchasing journey.
Carsvid: The Car Financing Experience Begins with Viewing the Car
Carsvid offers a different experience in the automotive market by making video an essential part of the car-discovery journey. Instead of relying solely on photos, users can watch a video of the car and learn about its details, condition, and features before making a purchase decision.
Carsvid believes that buying a car should be easier, clearer, and more transparent. Accordingly, the platform combines realistic car listings with multiple purchasing options, whether through cash payment or financing.
Through its cooperation with Quara Finance, Carsvid adds a new financing option to the user experience, enabling users to move from discovering the car to selecting the ownership and financing method within a more integrated digital journey.
Quara Finance: Sharia-Compliant Digital Financial Solutions
Quara Finance is a Saudi fintech company licensed by the Saudi Central Bank that provides digital financing solutions and products for individuals and small and medium-sized enterprises.
The company relies on a digital model to provide its financing services, focusing on simplifying application procedures and processing applications quickly. It also offers financing products compliant with Islamic Sharia principles in accordance with approved structures.
A Partnership Enhancing the Car-Buying Experience in Saudi Arabia
The cooperation between Carsvid and Quara Finance reflects both companies’ efforts to develop a more digital and flexible car-buying experience in the Kingdom by combining a platform specializing in video-based car discovery with a fintech company that provides digital financing solutions.
Through the agreement, Carsvid users can benefit from new financing options when purchasing cars, including the ability to buy now and pay later over a period of up to 48 months, without the need to transfer their salary, with fast financing procedures subject to eligibility, terms, and conditions.
Carsvid continues to develop its services to make buying a car easier and clearer, from viewing the car and learning about its details to selecting the purchase and financing method that best suits the user.
