When you need money in urgent, besides credit loans, use a car as collateral loan may be a better choice that can help you to get the handsome loan much easier. But how creditors can correctly assess the value of the used car become a big problem.
What it does
We build up a car collateral bidding platform. With the motor vehicle data-set from PSA, we can assess the remained value of a used car. So if the vehicle owner would like to apply for a collateral car loan, that can post their car information onto the platform. Then, the creditor who would be willing to lend the money, they can come to the platform and bid the right to loan money to the debtors.
How I built it
We use the dataset from PSA and crawled data from second-hand car dealer's website to compute the best price of a used car. Then, the user can post their car bidding requirement onto our platform. Next, we build up a bidding page, so all the creditors can login into our website and begin bidding the right to lend money on our built web page application.
Challenges I ran into
With limited user information, we find it hard to correctly assess user's credit. Therefore, we cannot compute the optimum risk from given dataset.
Accomplishments that I'm proud of
We reinvent a new collateral bidding platform, which match creditors and debtors with a transparent information.
What I learned
How to brainstorm a new idea from a dataset that I have never used before.
What's next for Car Collateral Loans Bidding Platform
If we can use the user credit loan information from a bank, we can compute the optimum risk to lend money to a debtor.