Financing: make it easy, make it fast

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© Can Stock Photo / kentoh

When it comes to borrower’s financing, lenders and dealers must make it easy and make it fast. The ability of the consumer to quickly obtain financing prior to arriving at the dealership or showroom floor significantly boosts the chance of vehicle sales. An integrated approach lets a consumer go from shopper to borrower in minutes.

The car-buying journey continues to evolve. More than ever, lending solutions that are mobile and able to rapidly return a decision are a must. Those capabilities depend on several key functions that take advantage of recent innovative technologies.

Whether a consumer initiates the purchase hours or minutes before they visit the showroom or prefers to transact a completely touchless deal, mobile loan submissions are the first step in delivering a positive sales and financing experience. A mobile application should:

With all applicant information provided digitally, a mobile loan submission sets the foundation for automation to execute a rapid decisioning process.

Automation is the key to rapid loan decisioning, and rapid decisioning is key to increasing vehicle sales. To achieve this level of efficiency, loan origination solutions should incorporate:

Whether a borrower arrives at the dealer pre-qualified via mobile loan applications or receives credit as part of the sales process, a rapid loan decisioning process improves the customer experience. When significantly less time is spent obtaining credit, the sales process can become faster and more efficient — a win-win for dealers and customers.

Lenders who offer modern loan origination solutions that easily integrate into their own and their dealer partners’ processes can successfully address the expectations of today’s consumers. Mobile accessibility makes it easy to shop for financing programs anytime, anywhere; automation delivers decisions that boost the probability of closing the deal.

Editors Note: This feature first appeared in the September issue of Auto Finance Newsavailable now.

Shaimaa Elk serves as Executive Vice President, Chief Information Officer, and Chief Technology Officer, and is responsible for all elements of product and technology development at defi SOLUTIONS, the technology partner of Auto Finance Excellence, a sister service of Auto Finance News.

Auto Finance Summit, the premier industry event, returns October 20-22, 2020, as a virtual experience. The virtual experience will offer the quality networking and education of past events, all through an online platform. To learn more about the 2020 event and register, visit www.AutoFinanceSummit.com.

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