Technology provider iVendi has launched ‘Showroom Eligibility’, a new online tool which provides dealers and buyers with information about motor finance eligibility.
The company said that Showroom Eligibility works for a dealer’s whole panel of lenders and allows visibility in three sections – credit rules, applicant rules and vehicle rules.
It is designed to be used by dealer and buyer together, looking at a wide range of different finance products with user control over the finance pricing.
"Where it appears that an applicant may be turned down, Showroom Eligibility provides guidance about the rejection factors, so that they can be potentially corrected or other products tried instead," the company wrote.
James Tew, chief executive officer at iVendi, said: "What we believe to be unique is the way in which this product creates, really for the first time, a means by which the dealer and buyer can dig down into the factors behind motor finance eligibility.
"Someone who looks as though they would be rejected will be provided with insight into why this is happening – which could be anything from the lender not being confident about the car they are buying through to their job role.
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"This creates a level of insight and potential control over the motor finance process that has never previously been available. Interest from dealers is already high."