Dealers can now avail of an online motor finance tool designed to help vehicle buyers understand their affordability and credit status.
Called Quick Check, it uses data from Experian and is designed to be added to car, van and motorcycle dealer web sites, giving consumers a free-to-access summary of their credit history by entering a handful of basic personal details.
Rob Severs, deputy CEO at iVendi, which launched the tool, 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.”
The new product is designed to be used alongside iVendi’s Finance Navigator platform – adopted by nearly 700 dealers since its launch in June – which enables consumers to undertake searches for potential vehicle buyers across all participating lenders in a dealer panel, returning results in under 10 seconds that show monthly payments, specific finance rate, and the likelihood of approval.
The output is delivered in a format familiar to anyone who has used an online price comparison site.
