iVendi launches affordability and credit status tool for vehicle buyers

iVendi has launched a new online motor finance tool designed to help vehicle buyers understand their affordability and credit status before applying for finance.

The product, called Quick Check, uses data from Experian and is intended to be embedded on car, van and motorcycle dealer websites. Consumers can access the tool free of charge by entering a small number of personal details to receive a summary of their credit history.

Rob Severs, deputy chief executive at iVendi, said: “When someone sets out to buy a vehicle, they frequently have limited or no knowledge about their credit record and how it is likely to affect the motor finance they are offered.

“This is especially true when, as increasingly happens, they are faced with risk-based pricing quotes that use a series of indicative rates. People simply often don’t know which will apply to them.

“Quick Check fills this gap. It appears on the screen alongside the motor finance quote for each vehicle and asks for just a handful of details, delivering an Experian summary in moments. It helps buyers to understand their credit standing and informs their expectations about the funding available to them.”

Quick Check is designed to sit alongside finance quotations for individual vehicles and return a credit summary within moments, providing an indication of a customer’s credit standing to help set expectations around funding options.

The tool is designed to be used alongside iVendi’s Finance Navigator platform, which allows consumers to search finance options across participating lenders in a dealer’s panel. Finance Navigator returns results in under 10 seconds, showing monthly payments, specific finance rates and an indication of the likelihood of approval, presented in a comparison-style format.

According to iVendi, information entered by consumers into Quick Check can also be shared with dealers to support follow-up, creating what the company describes as a warm lead.

Severs noted: “For vehicle retailers, this is part of an integrated sales approach that drives penetration by incorporating motor finance into the heart of the customer journey.”

Quick Check is available at no additional cost to dealers already subscribed to iVendi’s motor finance eligibility products. Dealers not currently using those products can access Quick Check on a per-check basis.