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.
Go deeper with GlobalData
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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
