A new online tool that allows customers to get an instant decision on whether they have been approved for motor finance has been unveiled by iVendi.
Until now, instant online decisioning has been the preserve of showroom systems that were accessible only by dealer staff – but iVendi’s innovation allows it to be added to any customer-facing web site or car portal.
James Tew, CEO, said that the tool was currently being added to the web sites of two major motor finance providers and would be available to customers soon.
He said: “The processes being developed are fast, easy and FCA compliant. Technically, they do present something of a challenge but we have overcome most of the key obstacles and are ready to take the offering to market.
“We believe that this a major advance. It means that the entire action of vehicle buying can now be completed online. The customer can do everything from choose their vehicle through to financing it from their laptop, smartphone or tablet. All that remains is to arrange collection or delivery.”
James explained that much of the work that iVendi had been been undertaking on online decisioning has surrounded the subject of product suitability.
“In line with FCA thinking, we are doing everything possible to ensure that the customer has as much information as they need to choose the most appropriate finance product, deposit and term for them.
We believe that this is massively empowering for the customer. Until this development, we were able – through our Car Finance Checker product – to pre-qualify someone for finance. Now, however, we can take them a step closer.
“This is also highly significant for dealers. It means that by the time a customer enters the showroom, they are no longer just a prospect – they have effectively bought the car or van already. And, if they change their mind about the choice they have made once they see the machine in the metal, our product is sufficiently flexible to allow for any amendments that a different vehicle may require.”
Further announcements about the first lenders using online decisioning will be made in the next few weeks.