iVendi’s online finance checker has been enhanced to cover commercial vehicle dealers for the first time.
The product can be used by van buyers online to prequalify themselves for motor finance with each dealer’s panel of lenders, showing the likelihood of approval for an application with each different finance provider.
It was launched into the car dealer sector more than 5 years ago and has since been adopted by a number of major dealer groups, lenders, car supermarkets and independents.
James Tew, CEO at iVendi, said: “The finance checker is a key part of our suite of products, giving the van buyer valuable potential information about their likelihood of approval with a whole panel of lenders without leaving a footprint on their credit file.
“This allows the customer to look at the best deals that are available to them as well as examining the effects of varying parameters such as putting down a larger deposit or altering the repayment period.
“Our research shows that it has a direct impact on the buyer’s propensity to progress their purchase as far as possible online.”
James added that the finance checker was also very much in keeping with the spirit of FCA regulation of motor finance.
“This is a tool that gives the van buyer a huge amount of information about their likely finance options as well as detailed information, including online videos, about a range of finance products,
“This is all very much in accordance with FCA thinking, we believe, putting the customer very much in control of their finance decisions.”