In the current economic context, buying a car can pose a significant expense for Romanians, and securing favorable financing terms isn't always straightforward. In 2023, new car registrations reached 141,788 units, up 9.63% compared to 2022, according to data provided by the Romanian Automobile Manufacturers Association (ACAROM). In 2023, tbi bank significantly increased its car loan applications by 25%, showing a strong commitment to help Romanians afford cars despite financial challenges.
The total amount financed also grew by nearly 21%, an achievement that underlines the bank's role in making car purchases more accessible at a time when finding good financing options can be tough. By engaging closely with its customers last year, tbi bank processed a record number of financing requests for car purchases. It's all-in-one financing solution has become a key resource for those in Romania wanting to buy a car, offering access to over 2,000 automotive partners, with a financing process that stands out for its simplicity and speed.
It’s entirely online, but you can find it available also offline, offers quick responses to loan applications, and makes funds available promptly. Customers appreciate the ease of the process, which only requires an account with any Romanian bank and includes strong security to protect their information. Tailored financial plans also ensure that customers get deals that fit their financial situations.
"We're here to help our customers also with solutions that make buying cars easier, recognizing that not everyone has immediate access to the financial resources they need. The excellent results with car loans highlight the bank's focus on providing straightforward and helpful financing solutions, especially valuable in today's economic environment", said Ionut Sabadac, VP Merchant Solutions at tbi bank.
Cities like Bucharest, Timisoara, Cluj, Bacau, Iasi, Ploiesti, and Buzau have shown the highest demand for car purchase financing. The bank's solution has been recently honored with a gold award at the Digital Finance Awards 2024 in Greece for the Best Embedded Finance & BaaS Digital Solutions, showcasing tbi bank's innovative banking solutions.
