8:59 am, October 24, 2022
The worsening cost of living crisis is likely to present an ever greater challenge for used car retailers – but one way in which they can help to restore falling consumer confidence is to make motor finance eligibility tools a key part of their customer journey.
That is the verdict of iVendi CCO, Darren Sinclair, who says that as personal finances are squeezed further over the coming months, car buyers will naturally take greater interest in the choices available to them, especially as 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 the firm’s finance checker into their customer journey, something that is discussed in its 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 the firm produced and is available here.
For more information, visit www.ivendi.com. Alternatively you can email [email protected] or call 0345 226 0503.
