Car dealer technology company iVendi has launched a new online credit checker which can prequalify a customer for credit.
The Car Finance Checker software creates a record for dealer to show the most eligible lenders.
James Tew, iVendi director, believe the new software will mean customers can find out online if they are likely to be approved for finance at the start of the sales process.
He believes getting credit checked at the start of the process fits with the way customers are now starting their buying process with nine out of 10 customers conducting their research for a car online.
Tew said: “In some franchise networks, the turn down rate for finance is as high as 40%.
"The problem is that this is not normally discovered until the very end of the traditional car buying procedure. A customer can look online, contact a dealership, go through the whole process of choosing or specifying a vehicle, and only discover that they can’t have it when they are checked for finance as a final step. The result is an annoyed potential customer and a dealer that has wasted a lot of time."
Car Finance Checker is iVendi’s first product launch under its new name since rebranding from Webzation in October.