While most consumers look forward to purchasing cars, trucks, RVs, boats, motorcycles, or even ATVs, they don't look forward to slogging through mountains of paperwork for an auto or powersport vehicle loan. Nor do they like providing the endless amounts of information and numerous forms of identification required for origination.
Borrowers don't want to wait while underwriters spend hours upon hours processing applications manually so they can determine their credit risks. What they do want is to get out on the open road, speed over the water, traverse the wilderness, or go wherever their new toys take them.
The fact is that the traditional auto and powersports loan origination process is difficult, extremely time-consuming, and often a headache for consumers. It also can be a complex process for finance companies, which risk losing business to competitors that can provide an "Amazon-like" experience. Let's face it, savvy consumers aren't going to subject themselves to inferior experiences if they don't have to.
Today's consumers live in a world of instants: instant oatmeal, instant shipping, and instant messaging. And in this age of instant everything, loan approval is no exception.
To ensure consumer satisfaction, traditional automotive and powersports finance companies must offer consumer-friendly, frictionless, and personalized lending experiences—not to mention a fast approval process.
Although more auto and powersports finance companies are investing in a variety of technologies to help with their digital transformation and origination journeys, many of these institutions aren't also adopting an overall plan to implement these technologies. This prevents these companies from benefiting fully from their investments.
To make matters worse, these finance companies typically run dozens of disparate systems that are housed in different areas of the business. Consequently, departments can’t easily share information, hindering efficiency and growth.
And running these disparate systems means organizations can't deploy the latest digital technologies, such as machine learning, artificial intelligence, and the Internet of Things.
To compete successfully, enhance the loan origination process, and meet consumer expectations, finance companies need digital technology that includes automation, advanced analytics, artificial intelligence, machine learning, big data, and the cloud.
A Must-Have: An Origination System That Streamlines the Digital Auto Loan Process
Auto and powersports finance companies need a scalable loan origination system (LOS) that automates the digital lending process and enables them to cost-effectively and efficiently process more loans faster.
You need a single, cloud-based origination system that streamlines the digital loan process, makes your employees' jobs easier, and gives consumers the seamless experiences they expect and demand. You need an LOS that can deliver. You need MeridianLink® DecisionLender.
MeridianLink DecisionLender is easy to learn and navigate, simple to use, and lets you design each consumer lending product to conform to your needs. Not only that, but you can implement it quickly without having to turn to your IT department for help.
With DecisionLender, you get powerful automation, analytics, and workflow tools to help you quickly become a high-speed lender. In addition, DecisionLender automates application acceptance, processing, correspondence, real-time decisioning, and compliance.
It also provides a mobile-friendly consumer experience, giving you 24/7 loan origination capabilities with save-and-resume functionality, strong protection, and numerous risk controls.
Let's take a look at what else DecisionLender has to offer as well as some of its key benefits:
Intelligent automation enables you to speed up loan origination and improve your decision making to boost approval rates, lower operational costs, and better manage risk.
DecisionLender lets you streamline your back office with simple configuration, data field mapping, and rule updates, enabling an easy, fast implementation process that adheres to your specific workflows.
Fund More Loans
DecisionLender's automated decisioning features let you boost your approval percentages. These features include auto-approval, auto-decline, and automated counteroffers that are sent to the loan source in real time.
Enter New Markets
With DecisionLender's advanced versioning capabilities, you can offer numerous alternative loan options to every consumer. This improves the borrowing opportunities for non-prime borrowers as well as consumers who may be considered subprime, which helps you expand your market reach.
Receive Accurate Calculations
All it takes is one click to get accurate calculations in real time along with the rate associated with a lease, the terms, residual value, sales tax, depreciation, and the capitalized cost.
Easily Manage Documents
You can easily manage all relevant documents from one easy-to-access location. MeridianLink DecisionLender lets you identify and upload lending stipulations, use eSignature to capture signatures, and receive alerts as funding files are reviewed, approved, and funded.
DecisionLender supports e-contracting, digital document services, and the Credit Union Direct Lending SmartFund so you can digitize your documents and say goodbye to those antique filing cabinets.
Help Your Institution Soar
MeridianLink DecisionLender's partners have realized an increase in approved applications and improved consumer satisfaction. Auto and powersports financing companies have also seen a boost in their net promoter scores as well as a decrease in customer time to value, implementation time, and cost.
Capture More Revenue
MeridianLink DecisionLender is designed to help auto and powersports financing companies deliver the digital lending experience today’s savvy consumers expect and demand.
A versatile loan origination system, DecisionLender enables borrowers to complete applications in minutes and offers a better, more accurate, faster decisioning process. And it can make the difference between success and failure for auto and powersports financing companies.
Learn more about MeridianLink DecisionLender for auto and powersports financing companies.