CrediCar powers digital lending solutions for the used car sales industry.
CrediCar’s ethos is to simplify complex motor finance transactions and create exceptional customer experiences. They are a disruptive technology company in the automotive sector with a strong focus on automotive finance and regulation.
CrediCar identified a gap in the vehicle purchasing process. Customers are unable to get immediate and accurate vehicle financing quotes based on their credit risk and affordability profile during the vehicle buying process. At present customers can only obtain an accurate quote and a decision by undergoing a hard credit search.
It is CrediCar’s ambition to change this approach.
CrediCar has set out to build a system that allows customers to obtain multiple accurate quotes personalised to their credit risk and affordability profile instantly, 24 hours a day.
The requirement was for Customers to build their quote by adjusting deposit, term & mileage and CrediCar’s flexible decision engine should match the customer to appropriate lenders on every change made by the customer.
- Easy integration into existing website/DMS/CRM providers,
- Built in regulatory checkpoints to ensure a fully FCA complaint journey,
- Comparable finance products,
- Affordability checks, enhanced regulatory compliance,
- High security data sharing, digitisation and automation.
- A web application was developed that integrates to dealerships systems and websites.
- The solution enables lenders to manage their own lending policy and strategy rules which are used to identify valid candidates and provide quotes prior to a hard search being conducted.
- The web application facilitates a digital, end-to-end, car financing process.
- The Data Company was provided with designs from an external design company which we recreated for the look and feel of the application.
- Facilitates and digitalises the full vehicle purchasing and financing process
- FCA Compliant
- Solution is easy for lenders, dealers and external service providers to integrate to
- Works with a lender’s existing website, CRM and DMS provider
- Integrated with Credit Reference Agencies
- Enables 24/7 automated accurate quotes to prospective customers
- Offers a potential customer a range of financing options they are eligible for
- White labelling functionality
- Detailed digital audit trail
- Lenders can be self-sufficient and independently manage their policy and strategy financing rules
CrediCar’s white label/API integrated platform truly integrates lending into the core business and customer journey of their car dealer partners helping customers make smarter decisions and solve the many pain points in the car financing process.
The CrediCar platform is integrated with CRA’s, Open Banking and other new technologies which allows car buyers to arrange truly personalised car finance while searching for a car on the dealer partners website.
Customers can do this 24 hours a day, 7 days a week and even before they visit the car dealership.