New in-showroom tool lets dealers and buyers “dig deep” into motor finance eligibility factors
A new online tool launched this week by iVendi allows dealers and buyers to look at detailed information about motor finance eligibility.
Showroom Eligibility works for any dealer’s whole panel of lenders and allows visibility into three key 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.
James Tew, CEO at iVendi, said: “On one level, this product is a new way for dealers and buyers to look together at motor finance offers in the showroom, looking at the potential benefits of each to find the best offer.
“It also provides accurate information about the likelihood of being approved for a specific finance application, something that provides reassurance for the the buyer and also allows the sales person to use their time much more efficiently.
“However, 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.
“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.”
Showroom Eligibility is a new, upgrade module for the new generation of the iVendi Platform, which was launched in January, and is designed to manage all aspects of dealer motor finance activity.
James said: “New features included in the Platform, such as Showroom Eligibility and our self-serve finance comparator, could potentially change the way that dealers approach motor finance both online and on the sales floor.”