Advertisement feature: Why the cost of living crisis makes motor finance eligibility tools essential

Advertisement feature from iVendi

Darren Sinclair, CCO, iVendi

Online motor finance eligibility tools that allow consumers to check their likelihood of approval for an application are set to become essential thanks to the cost of living crisis, we at iVendi believe.

Why? Well, as personal finances are squeezed further over the coming months, car buyers will naturally take greater interest in the choices available to them, choices which are becoming more limited as recession means that motor finance providers tighten their lending criteria. Almost inevitably, this will see fewer people meet the requirements of their preferred lender and they may end up turning to their second, third or fourth choice, which is why it is more important than ever for dealers to have finance checkers on their website, offering consumers a quick and discreet way to check their eligibility at a time that suits them.

The big advantage of an online finance checker is that it allows potential buyers to take an informed look at a dealer’s lending panel for a range of motor finance products. They can see instantly their likelihood of approval using an easy-to-understand traffic light system without leaving a footprint on their credit file.

Recognising the value of this is a question of understanding how the cost of living crisis is likely to affect the customer mindset. Buyers realise that their chances of approval from their preferred lender are probably lower and want a greater understanding of their situation. They find a high degree of comfort in having greater amounts of quality information available to them. Finance checker technology – offered to them online at no cost – makes this possible without the need to speak to a person or face the potential embarrassment of a finance rejection. You could even offer a vehicle reservation option to help on their buying journey should they meet lender criteria.

Many dealers with which iVendi works incorporate our finance checker into their customer journey, something that is discussed in our new Better Buying Journeys document. This white paper looks at the latest ideas in customer experience, explains their relevance to your business, and provides guidance on how to implement them successfully. It is already proving to be one of the most popular documents we have produced and is available free from the link below.

iVendi’s “Better Buying Journeys” white paper is available by visiting ivendi.com/better-buying-journeys.

The iVendi Connected Retail range

ENGAGE is designed to help consumers find the right vehicle by rewriting the rules for online car, van and motorcycle search using the natural language adopted by the majority of vehicle buyers.

CONVERT facilitates the process of transforming initial online consumer interest in a vehicle into a sale through a range of essential features.

TRANSACT develops online consumer interest in a specific vehicle through to a final transaction while managing the complexities of the sales process and includes iVendi’s innovative Digital Deal.

About iVendi

Founded in 2009, iVendi is the market leader in connected motor retail technology, creating digital products that help customers to buy vehicles more easily and dealers to sell them more efficiently, both online and in the showroom. The company’s technology interacts with around five million consumers every month and thousands of motor retailers, manufacturers and finance providers.