iVendi rolls out faster motor finance application process

iVendi has introduced new functionality designed to reduce the amount of information customers need to enter when making a motor finance application through its Finance Navigator platform.

The technology is being rolled out to dealers this week and allows customers who have already used Finance Navigator to compare finance options to carry information from the quotation stage into their application.

As a result, applicants only need to provide additional information that has not already been captured, typically including bank account details and responses to affordability questions.

The development is intended to remove the need for customers or dealers to enter the same information multiple times during the finance process.

“With Finance Navigator, we’ve helped dealers, their lenders and their customers reduce motor finance quoting from potentially hours to a matter of seconds. We are now having a similar impact on the application process.

“Instead of being required to complete a comprehensive application form, all double keying is removed and users just need to add a handful of personal details. Typically, these will include their bank account number, sort code and affordability questions.”

Finance Navigator was introduced almost a year ago and enables dealers and customers to search finance products offered by lenders on a dealer’s panel, both online and in the showroom.

According to iVendi, searches typically return results in under 10 seconds and provide information including monthly payments, finance rates, likelihood of approval and the availability of pre-approval. The system uses lender policy and credit scorecard information to generate the results.

iVendi said around £3 billion of motor finance has been processed through Finance Navigator since its introduction.

The platform can also identify applications that do not meet the criteria of lenders on a dealer’s panel before they are submitted, reducing the number of unsuitable applications sent to providers.

Severs said: “Applications that don’t meet the criteria of providers within their lending panel are automatically intercepted and discarded, while the transparency of the price comparison style approach means decision making is easier.”

Almost 1,000 dealers have adopted Finance Navigator, according to iVendi, including Big Motoring World and Hilton Garage. Participating lenders include Admiral, Ayan, Moneybarn, Oodle, Tandem and Zopa.

The updated application functionality is being made available to existing users of the platform without an additional charge.