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, 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.
Rob said: “With Quick Check and Finance Navigator, we’re offering consumers a greater amount of relevant information about the motor finance choices they are being offered than has perhaps ever been freely available before.
“They’re being equipped with easy-to-understand facts and figures direct from credit bureaus and lenders that allow them to make the very best borrowing choices for their needs through technology that provides an unrivalled level of transparency.”
Information entered by the consumer for their Quick Check credit check is also made available to the dealer to create a warm lead.
Rob said: “For vehicle retailers, this is part of an integrated sales approach that drives penetration by incorporating motor finance into the heart of the customer journey.”
Quick Check will be made available free to dealers who already subscribe to iVendi’s motor finance eligibility products and can be bought by others on a per check basis.
