Car finance comparison tool launched by iVendi
Dealers can now host their own online car finance price comparison tool on their website.
Developed by iVendi, Finance Navigator for Consumers takes data from a range of participating lenders to produce results in under 10 seconds.
It shows monthly payments, indicative and actual finance rate, and the likelihood of approval.
iVendi CEO James Tew said: “We launched our dealer-facing version of this product in June, which was created for salespeople to ‘walk’ the customer through their motor finance options. Now, this new version is designed for the car buyer to use online as part of their car buying journey.
“Essentially, it means each dealer has an individual online price comparison tool covering their lender panel that the consumer can use to assess the finance choices on offer exactly as they would when buying home or travel insurance.
“The product is designed to be built into each dealer’s web site so that for every car, the buyer can produce a complete set of finance quotes by entering just a few details. There is really nothing else like this currently available.”
More lenders
He added: “Our prediction is that dealers using Finance Navigator will adopt more lenders over time, perhaps an average of eight compared to the current three or four, as they come to understand how the technology and price comparison approach better matches lending risk and appetite.
“It is a way of offering motor finance that much better reflects FCA thinking on delivering the best outcome for customers.”
