Experian and Codeweavers have partnered to launch an eligibility check, enabling buyers to see their financing options without affecting their credit score.
Dealers and lenders using the Codeweavers platform will now see what lending the customer would be preapproved for – or a percentage likelihood of them being accepted – along with the real rate that will be offered.
Eligibility allows dealers and lenders to identify customers that are likely to be accepted much earlier in the journey, removing applications that would later be declined, saving time and costs and helping boost conversion and acceptance rates.
For customers, it means they have a clearer picture of the financing options available to them – without it affecting their credit score – giving them the confidence to go ahead with their purchase.
Gerardo Montoya, head of automotive at Experian UK&I, said: “We are delighted to work with Codeweavers in bringing eligibility to the automotive market. We have seen the success eligibility was brought to the personal finance and mortgage market.
“The combination of the Codeweavers’ platform, major lenders in the sector and our technology will mean better outcomes for both dealers, lenders and their customers, heralding a new way for people to secure their new vehicle and providing them with confidence they are getting the best deal available.”
Andrew Gill, head of lenders products at Codeweavers, added: “The opportunity to improve the car buying experience is always advantageous, and with this joint solution between Experian and ourselves, we get to improve it for lenders, retailers, and their customers within one feature. This feature will help improve efficiencies online and offline and provide better transparency to end customers.”
The solution will also support dealers in meeting new requirements from the Financial Conduct Authority (FCA), which came into force in January. By using eligibility, dealers will be able to show compliance with the new rules, which bans discretionary commission models linked to the interest rate offered to the customer.