MISSION VIEJO, Calif. — eLEND Solutions has launched CreditPlus, an interactive credit application platform that instantly preapproves shoppers based on dealer-defined credit criteria. For shoppers, the platform provides direct, upfront access to dealership financing sources and near-final terms of approval from multiple lenders, all of which are controlled by the auto dealer.
With CreditPlus, dealers are able to match a buyer’s credit profile with the right car and the right finance program before the customer test drive. This facilitates a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal, official claim.
“Auto dealers are looking for ways to convert online shoppers to in-store buyers faster,” said Pete MacInnis, CEO of eLEND Solutions. “CreditPlus, powered by a patented rules-based loan decision engine, allows the customer to select from a menu of approved near-final finance terms, such as APR, term, monthly payment and down payment from multiple lenders, all controlled by the dealer.”
The new platform features an interactive application that can be completed on a mobile or tablet device. Applicants not only get approved for financing in seconds, they can also view their credit score and pick their payments, officials said.
For dealers, CreditPlpus offers numerous application configuration options, including videos, vehicle detail image selections, and lead management tools. It also provides dealers with complete control of credit criteria and payment terms displayed to the customer, including dealer markup, doc fees, service contracts and more.
The solution is powered by a rules-based loan decision engine that aggregates a limitless universe of lender programs based on credit, stability and ability. It also drives engagement via automated email and text communications, chat integrations, automated system escalations and alerts.
Officials noted that the platform is an industry neutral solution, which means it’s compatible with any dealer desk tool, website platform, inventory management and CRM solution, finance platform, and dealer management system.
“We’ve witnessed two decades of innovation in online car buying, but the financing process remains outdated and low-tech. This lack of innovation has not only cost dealers time and money, but it has also seriously alienated consumers, who increasingly demand online transparency in everything they do,” said MacInnis. “CreditPlus’ real, upfront loan terms are a missing piece of the car-buying revolution, bringing dealers more high-quality credit app leads, while slashing the current 3-4 hour sales process.”
