OneCarNow (OCN) is a financing platform that began as a marketplace connecting car owners with gig workers who lacked access to credit and has evolved into a financial partner for the gig economy.
Since its launch, OCN has grown into a comprehensive tech and data platform, providing a range of financial services tailored to the gig economy, including underwriting, collections, and reporting as a service. Their goal is to become the leading financial partner for the gig economy.
OCN started as a marketplace in which we were connecting car owners with gig workers that don't have access to credit.” - Mairon E. Sandoval (Co-Founder OCN)
How OneCarNow Works
OCN began by purchasing cars in bulk to offer them to gig workers on a subscription basis.
This model allowed the company to understand the risks and needs of gig workers better, leading to the development of a comprehensive data platform that supports not only vehicle financing but also other consumer products.
The platform’s unique approach to underwriting is based on work performance rather than traditional credit scores, making it more accessible to gig workers who might otherwise be excluded from financial services.
Our perspective is asset-related. It's almost like a window to understanding the risks behind the model," says Sandoval. This model has enabled OCN to scale rapidly and offer competitive pricing, especially with electric vehicles.
Here’s how it works in three simple steps:
- Pick Your Car: Look through the available cars and choose the one you like best.
- Fill Out the Form: Complete the online form and send in the required documents.
- Receive a Response: In about 90 minutes, you’ll hear back about your application.
Founders
Mairon E. Sandoval & Manuel Cangas
Founders' Inspiration
The inspiration behind OCN began with the co-founders' desire to address the financial barriers gig workers face.
Mairon met his co-founder, Manuel, in high school, and their journey together led to the creation of OCN after their first company was sold. During the pandemic, they noticed that while many industries were suffering, rideshare services were still in demand, highlighting the need for accessible vehicle financing.
I reached out to Manuel and said, 'Look, Manuel, there is something that is our hassle, and people are still using, and that is rideshare services,'" recalls Sandoval.
This realization was the spark that led to the creation of OCN.
