Auto Lending
The Challenges
Prolonged application
Inconsistent decision accuracy
Poor customer experience Auto shoppers often spend more than three hours at a dealership when purchasing a vehicle, but their satisfaction begins to fall in half the time. With trust in car salespeople low to begin with, customers expect fast, personalized offers, and if they can’t get it from you, they’ll find it elsewhere.
processing time Some lenders still process auto loan applications manually, taking hours to manage masses of paperwork. Aside from rising shopper frustration, the more time you spend on processing a loan for a single customer means the less time you have to reach new ones and help your business grow.
If you’re working with an inflexible loan origination system (LOS) or have to go through manual processes hundreds of times each day, you cannot guarantee the utmost accuracy of your decisions. If you have to change models based on market shifts, it becomes even harder to make smart decisions for each and every application.
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