In a world where the car-buying journey has become increasingly digital, lenders and dealers must adapt to attract motivated buyers and convert them into customers. With the added considerations of recent vehicle sales trends and the impact of COVID-19, it is critical to create the smoothest and fastest possible buying process for customers. One part of the process that has historically caused purchase delays is outdated loan or lease origination processes. With a modern origination platform and a well-designed origination experience though, borrowers can seamlessly transition from shopping to application submission to approval—all in a matter of minutes.
A smooth, car-buying journey (devoid of detours) benefits consumers, lenders, and dealers alike. Based on our years of experience developing lending solutions and services, we’ve mapped out what we believe are the requirements that tie car shopping, loan or lease origination, and servicing together seamlessly.
Mobile, anywhere, anytime loan or lease originations give borrowers vehicle-specific financing options.
Borrowers Want a Digital Loan or Lease Origination Process
Today’s consumers, comprised of a significant and growing number of people who are “born digital,” extensively research vehicle options online and are increasingly moving towards business transactions conducted via mobile devices. To provide the best possible origination experience as part of this transforming car-buying journey, the loan or lease origination process should:
- Allow borrowers to shop for a car loan anytime, anywhere, on virtually any device—laptop, tablet, or mobile.
- Present vehicle- and borrower-specific financial programs in real-time, giving borrowers a range of options to choose from.
- Provide an intuitive, easily-completed submission of borrower information, including digital capture of any documentation required to complete the application.
- Deliver a digital offer in seconds to qualified borrowers.
- Support stipulation uploading and eSignatures to quickly finalize the agreement.
Easy application submission, rapid decisioning, and instant digital confirmation of loan terms eliminate financing delays, pre-qualify buyers, and boost the likelihood of vehicle sales.
How Lenders Meet These Requirements
To deliver the user experience that borrowers expect, lenders need a configurable software solution that provides integration with innovative information services and automation that accelerates decisioning. Specifically, a mobile loan or lease origination solution that incorporates these underlying capabilities:
- Configurability to tailor the borrower experience to your unique lending processes and seamlessly integrate with your website.
- Mobile responsive design that supports any borrower screen, whether desktop or mobile.
- Extensive automation using workflow, decision rules, and auto-structuring to consistently apply credit policies, accelerate applicant evaluation, and promptly return credit decisions.
- Integration with real-time information services, such as fraud analytics, identity verification, and vehicle valuation to ensure applicants accurately present their information.
- API-friendly architecture that supports integration with a lender’s existing systems and offers future flexibility for third-party services and systems.
Easy configuration, versatile automation, and integration with a wide range of services and systems give lenders the flexibility to develop and continually refine mobile loan or lease origination that stays current with buyer expectations and expedites the car-buying journey.
How Dealers Benefit From an Accelerated Car-Buying Journey
Dealers also benefit from a mobile loan or lease origination solution that is accessible anywhere on the showroom floor or lot. They can:
- Meet the needs of buyers who arrive without preapproved financing.
- Access a greater range of vehicle- or borrower-specific financial programs and rates as part of a deal structure or restructure.
- Configure dealer compensation with ease to meet financial goals.
- Integrate with the existing dealer portal, secured single sign-on, and mobile-responsive design.
These capabilities enable dealers to eliminate yet one more detour in the car-buying journey and boost vehicle sales.
Include defi CONNECT ORIGINATIONS in the Car-Buying Journey
Today’s borrowers expect to obtain vehicle financing quickly and conveniently—anytime, anywhere. Whether it’s part of a well-researched plan or spontaneous decision, loan or lease origination shouldn’t be an unwanted detour in the car-buying journey.
With defi CONNECT ORIGINATIONS, borrowers can easily shop for available programs and rates whenever and wherever they want. Our software instantly presents a range of financing options tailored to both the vehicle and borrower. Cloud-based and fully integrated with defi’s core Originations and Servicing systems, defi CONNECT ORIGINATIONS covers the entire lending cycle.
defi SOLUTIONS provides configurable loan or lease origination systems, loan or lease management and servicing, analytics and reporting, and a wide range of technology-enabled BPO services. If you’re looking for ways to streamline the loan or lease origination experience, take the first step by exploring the capabilities of defi CONNECT ORIGINATIONS. Contact our team today or register for a demo.