A new tool being introduced by retail tech specialist iVendi will allow dealers to advise any potential used motorcycle, car or van buyer on why an online finance application is likely to fail — and adjust it accordingly.
When a customer tests likelihood for credit approval using iVendi technology — an option already offered online by more than 900 motorcycle and motor retailers — an Eligibility Summary report covering any rejections will now be sent to the dealer.
This provides a two-part analysis. Firstly, a credit score and an applicant score related to the vehicle, each based on iVendi’s own algorithms, output the strength of the applicant as a whole, shown as a percentage figure. Secondly, a product-by-product assessment highlights where the applicant stands based on the criteria of each member of the dealer’s lending panel.
Explaining the advantages, iVendi chief executive James Tew said: “The Eligibility Summary report will enable dealers to gain an insight into why an application may fail a lender’s underwriting criteria, and then provide guidance to customers 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. Ultimately, it tranforms leads into qualified prospects that can be turned into deals, in a manner that we believe is new in the sector.”