Analysis from users of the iVendi Car Finance Checker shows that more than four out of five people can get car finance from car dealer lenders.
The company claims that this analysis ‘blows apart’ the idea that most online motor finance applications are made by subprime borrowers.
Additionally, only a small proportion of Equifax Risk Navigator scores on the system fall below 200, pointing to a high quality of potential borrowers using the tool.
Chief executive at iVendi James Tew said: “We have been working in the area of online motor finance for several years and one of the repeated objections that we have heard is that it attracts a disproportionate number of subprime borrowers.
“However, these new figures, covering the thousands of people who have used Car Finance Checker, show the opposite is true. This is a quality field of potential borrowers. They are financeable people who are serious about buying a car.”
Other figures obtained through the new analysis show that individual users prequalify themselves for finance an average of 1.6 times – in effect, they are very interested in an average of slightly fewer than two cars – and are 2:1 male to female.
“This new information will help us and our clients – whether finance providers, dealers or car portals – to build up a more complete picture of the people who are using online car finance and develop our use of Car Finance Checker and other products accordingly today and into the future,” Tew said.
Launched in early 2013 and fully rolled out mid-year, Car Finance Checker is designed by iVendi to integrate seamlessly into almost any dealer online environment and, by taking a few details from potential customers, enables them to check their eligibility for credit with the dealer’s panel of lenders.