Creating a seamless, end-to-end lending experience can be challenging for powersports dealers. Savvy consumers expect a frictionless digital experience and fast approvals so they can get out on the water, on the road, into the fields or forests, or wherever their new “toy” takes them.
Meeting those expectations and delivering an optimal digital experience is within reach and keeping three easy steps top-of-mind can help dealers become high-speed lenders, compete successfully, and grow.
1. Make the Application Process Easy
One of the things that make the loan approval process difficult is that the application is still done manually, requiring borrowers to fill out an application form instead of going through a completely digital process. Automating the process with a robust loan origination system where, instead of taking days to complete, it can be tackled in a matter of minutes resulting in a more efficient and reliable loan process.
2. Automate Decisioning
Using technology to speed up loan origination and improve decision-making is ideal for increasing approval rates, lowering operational costs and maintaining high standards of risk management. Today, consumers expect instant gratification, and loan approval is no exception.
3. Speedy Funding
A loan origination platform with a digital document system, funding rules engine and role-based work queues can speed the funding process and close more loans.
With powerful automation, analytics and workflow tools, MeridianLink® DecisionLender® can help you become a high-speed lender in no time. A cloud-bases and paperless loan origination system, DecisionLender automates application acceptance, processing, correspondence, real-time decisioning and compliance. It provides a mobile-friendly consumer experience, giving you 24/7 loan origination capabilities with save and resume functionality, robust safeguards and multiple risk controls
DecisionLender has seamless integration with all major dealer portals – such as DealerTrack, RouteOne, and CUDL – and connection to a robust list of dealer resources including NADA, Kelly Blue Book, BlackBook and Carleton Calculations.
Real-time reporting with a robust suite of lending management reports ensure you can track performance and risk and monitor your business 24/7. Powerful tools that integrate and automate your indirect lending process provide for vast flexibility, allowing for a quick and seamless lending process.
DecisionLender is simple to configure, map data fields, and update rules so it conforms to your unique workflows and can be implemented quickly.
Having a versatile lending platform that supports loan application completion in minutes, better and faster decisioning, on-the-go underwriting and cross-selling can be a differentiator for powersports dealers. Accelerate growth with a flexible, automated and reliable loan original solution that improves the buying experience.