MotoNovo Finance has launched a new concept in car finance which allows customers to facilitate their own application via an innovative new app.
The new system, called Self Serve, was created in partnership with developer iVendi and will see dealers input details of a vehicle and its price details before allowing the customer to continue their loan application on a tablet or PC.
Self-Serve claims to offer “an all-new level of transparency” and is the brainchild of MotoNovo CEO Mark Standish. He said: “The way we all access financial services is undergoing a massive change. This is clear from the growth of mobile banking as people embrace the convenience and control that technology can now facilitate. In dealer finance, we cannot ignore this trend.
“People are used to filling out on-line forms, they value the control. Going further, from a data security perspective, many do not want to disclose the increasing level of personal data now required in a loan application in a showroom. We are making that possible.”
Motonovo Finance claims that Self Serve customers can still expect a speedy decision with acceptance levels in line with traditional dealer finance.
Competitive interest rates are agreed at the outset with the dealer who is then rewarded courtesy of an innovative new merchandising payment, itself linked to the effectiveness of the dealership as a distribution point for finance.
Self-Serve is ready for a full roll out to interested dealers. It will be available to dealers who are both authorised by the FCA and those who are not directly authorised, with strict controls for the latter on the level of dealer engagement in the financing process.
The new system has been designed to enable other lenders to use the software and help embed this new model in the market.
Standish said: “Looking forward we want other finance providers to join us on this journey.”