Auto Financing Software for Fleet, Vehicle and Auto Lending
If you’re a typical auto dealer, then 40% of your gross profit comes from a financing desk where incremental income is generated from car loans plus add-on insurance products like F&I.
This business model with such a heavy emphasis on financing can leave your dealership vulnerable. A business advisor would recommend a more diversified approach, but the current model is a fact of life if you want to compete for car and truck sales in today’s fiercely competitive marketplace.
The key to controlling this risk is continuous optimization with techniques that fine tune processes, create efficiencies, close more sales, and improve margins.
Auto financing and lending is an area of opportunity for auto dealers as well as lending organizations looking to grow their business with niche lending products. Organizations like banks, credit unions and direct online lenders. Vehicle financing is a broad category with products ranging from auto financing and refinancing to fleet financing, new auto financing, used auto financing, vehicle lending and leasing arrangements.
There’s no loyalty when it comes to auto lending. A car buyer, anxiously waiting for an answer on their application will pull out their smartphone and search online for back-up loan options. The first to respond will likely get their business. So it’s critical to leverage automated credit scoring and risk assessment technology to make smart decisions in minutes, instead of hours. That’s why a specialized auto financing software is essential for quick approvals and proper pricing when it comes to good credit, bad credit, thin credit, new vehicles and older vehicles with low loan to value ratio.
Speed, Accuracy & Efficiency
Speed and accuracy are critical when it comes to your car loan software. Regardless of whether you’re processing a new application, managing customer payments, or mining customer data to refine their risk profile and identify incremental marketing opportunities.
Turnkey Lender provides an advanced auto lending software that delivers the level of automation and credit scoring you need to minimize processing time without compromising security, pricing accuracy or risk tolerance.
Here are some of the key factors to consider when choosing an origination and servicing software that delivers long-term benefits to your auto, vehicle and fleet financing and lending operation.
It’s important to get your staff up-to-speed quickly to get the most from your new system. The Turnkey Lender platform provides an all-in-one loan origination and servicing system, so there’s no need for the IT department to integrate separate software into the existing origination platform. And our intuitive workflow acts like a built-in training tool.
IT support and customer service is available 24/7 to answer all your implementation and training questions getting you up-and-running fast.
Automation & Workflow
Turnkey Lender was created with the end-user in mind. It creates efficiencies by automating multiple mundane tasks, so your loan servicing managers can focus their best efforts on high level evaluation & decision tasks. Your business and your servicing managers are individuals. We start with a rules based foundation system with pre-sets based on lending industry best practices – that’s easily customized to meet individual needs.
Comprehensive Origination & Servicing Functionality
- Automated decision-making and borrower evaluation cycle
- Automated calculation of optimal loan parameters: loan amount, term of the loan, interest rate, etc.
- Customer risk segmentation
- Flexible management of the lender’s credit rules, credit policies and scoring models
- Remote access for distributed sales points
- Setting individual evaluation processes for different products, portfolio segments and business lines
- Evaluating the efficiency and adequacy of the loan origination system’s performance and staff productivity
- Ability to swiftly adjust credit policy (new lending rules, changes in lending rules, appropriate risk margin)
- Digital statement capability to supplement or even replace high cost paper statements
- Automatically tracks all interactions between lender and borrower, including payment history and customer service queries
- Automatically updates borrower credit bureau data
- Push communications via SMS, text and/or email for account alerts and payment reminders
- Customers can upload documents for fast, easy application review
- Customers can make payments via direct debits and auto-pay features
Interface & Integration
Simplicity is key when you’re designing a software solution that creates measurable efficiencies. The Turnkey Lender interface is clean and clear. It was designed to be understood intuitively with little or no cross reference to cumbersome manuals or pop-up screens. It easily integrates with multiple outside providers, so all the loan servicing tasks can be completed without the need to exit the loan servicing environment. This outside vendor integration also allows numerous data fields to be auto-populated, saving substantial time and energy by reducing the need for manual data re-entry. This process also reduces processing time by reducing human error during the data re-entry process.
IT Support & Customer Service
As a small to mid-size lender you don’t often enjoy the luxury of an internal IT department that manages all your technology needs in real time. At Turnkey Lender you (and your customers) get the next best thing. A team of technical professionals who are on-call and at your disposal 24/7 via online chat, email, live telephone call, or online Q&A. Whatever communication channel works best for you.
One with all the functionality reserved for big financial institutions, but specially designed for a small to mid-size lender?