Ingenium Accelerates Lending Process for Auto Funding Lenders
Raise your hand if you have ever financed a new or used car. Have you ever thought about what happens to your hand written auto loan application after your give your personal information to your sales person? Here are some business process highlights of some leading lenders.
Scenario A) You hand your information to the sales person. The sales person hands your info to the finance sales manager. The finance sales manager takes a quick look at your financial earnings and self provided information and makes a gut decision on which of the lenders he will be faxing your documents to. The documents are faxed out to the lender or multiple lenders and the lending institutions take over from there. Then you wait. This is the time that you think about whether or not you really want that new or used car and how you are going to afford the payment. The bank who get’s an approval back to the dealer the fastest is most likely to get the business.
The lender receives your faxed information and keys it into a software program that calculates the risk of your loan and also verify your credit worthiness. There are likely up to three human processes where your loan request could be reviewed. At the end of the loan process you are either approved or denied and a fax or email is delivered back to the originating car dealer.
Scenario B) You give your information to the sales person. The sales person hands the info to the finance manager to be keyed into a portal or the sales guy enters your info on his own. The lender takes the information that is submitted and calculates the risk and your credit worthiness. Sometimes humans get involved and help with the loan approval decision.
An email or fax is sent back to the dealer to notify them of the approval decision. From there, you decide if you are going to drive off in your new car or not.
These business processes are fairly straight forward but how does an automotive lender make sure THEY are the ones who get the fastest approval back to the dealer? That’s where Ingenium can help. We have helped many consumer auto lending companies improve their loan approval processes and significantly reduce the amount of time it takes to deliver approval decisions.
Using Ingenium’s never busy fax infrastructure, VFT, even the smallest lender can have a competitive edge when it comes to sending and receiving fax communication between your customers and trading partners. Whether you need to send fax, encrypted email or secure content, Ingenium has the tools to help you reduce costs and improve efficiency.
Contact Ingenium today to learn more about how we can help you speed up your process.