New technology delivering “substantially more efficient” motor finance

iVendi has reported a sharp rise in motor finance efficiency following the launch of its Finance Navigator platform, with new company statistics showing significant improvements for dealers, lenders and consumers.

Since the platform went live in June, the number of finance applications submitted by dealers and car buyers has fallen by around a third, while paid-out advances on approved deals have increased by a fifth, according to iVendi.

“Finance Navigator is designed to provide dealers and consumers with the information needed to make faster, better-informed finance decisions, reducing the time spent making multiple applications,” he said. “At the same time, that better matching of each individual vehicle buyer with the right product should drive higher levels of business for lenders.”

Severs said the early data – based on tens of thousands of applications and almost £1bn in payouts – demonstrates the platform’s impact.

“This data shows we are achieving substantially more efficient motor finance processes,” he added. “If you’re buying a car, van or motorbike, it’ll help you arrive at the best borrowing outcome in a fraction of the time. If you’re a lender, you’re dealing with far fewer applications but writing much more business.”

He said the commercial benefits were “hard to overstate.”

“This means lower costs for dealers and lenders as staff spend less time processing applications while also delivering a much higher level of compliance for the consumer and a massive jump in service standards. Everyone wins.”

Finance Navigator is already being used by major lenders including Admiral Car Finance, Mann Island, Marsh, Oodle, Tandem and Zopa. The platform allows dealers to search across their lender panel and receive complete finance results – monthly payments, rates, likelihood of approval and pre-approval options – in under 10 seconds.

Results are based on real-time lender data, not machine learning or historical trends, ensuring decisions reflect the latest policy and credit scorecard changes.

Severs said lenders offering pre-approval, such as Admiral, Zopa and Tandem, are now achieving close to 100% acceptance rates, while others have seen approvals rise from around 50% to more than 90%.

“These figures are proof of much more productive processes,” he added. “The reaction from lenders adopting the platform has been excellent, and we’re also seeing a high level of interest from others keen to come on board.”