iVendi has launched a finance eligibility tool for car dealers, providing advice on why a potential buyer’s finance application could be refused and adjust it accordingly.
The Eligibility Summary tool will test a customer’s eligibility for finance options, then send a report outlining any rejections to the dealer. The report consists of two parts – the applicant’s credit score and applicant score based on the vehicle and a final percentage figure that represents the strength of the applicant as a whole. According to iVendi’s recent research, the quality of motor finance applicants appeared to have improved post-lockdown.
The second part highlights where the applicant stands based on each member of the dealer’s lending panel. This includes policy rules on the vehicle and loan-to-value, information from the consumer’s credit file and specific lender product rules for the applicant’s personal details.
James Tew, chief executive at iVendi, said: “The report will enable dealers to gain a much deeper insight into the reasons why an application may fail a lender’s underwriting criteria, something that is currently simply unavailable to them, and provide specific guidance to the customer on how to improve their chances of success. Steps taken as a result could range from increasing the deposit to opting for a different product altogether.
“Eligibility Summary will help retailers become more efficient by identifying the most suitable lender products based on the make-up of the entire transaction, driving efficiencies for them and for the lender, while meeting customer needs more exactly.”