"Online solutions for the Motor Industry"
YourCarLoan
Finance commission still forms a major part of the Dealer’s bottom line, yet the past few years have seen a slow erosion of Dealer income in this area. Competition from Internet Lenders and money comparison sites have seen customers cast their net wider as they research their next vehicle purchase and the method of funding it.
YourCarLoan provides the Dealer with a tangible and proven method of providing real calculations to customers that not only mirror the finance products of the Dealer’s chosen Lenders but also allows the Dealer to control the sell-out price of the finance on a car-by-car and product-by- product basis.
The net effect of the YourCarLoan service? A truly interactive web experience. The customer is able to personalise the entire finance deal to their requirements – all in the comfort of their own home.
Benefits
The main benefits of the YourCarLoan service include:
Engage the Customer earlier in the buying process
4 out of 5 customers use the web for researching their next vehicle purchase. YourCarLoan keeps the customer on your site longer by providing an interactive web experience– making it less likely that they will leave your site to check monthly payments on a web Lender or Comparison site.
Allows the customer to personalise their own finance deal
2 out of 3 customers would buy from a Dealer that provided the ability to construct their own deal. This openness and transparency makes for an experience not traditionally associated with the retail motor industry.
Makes your vehicle stock more affordable
By showing residual value finance products as well as a Hire Purchase or Loan example it is possible to elevate the status of Dealer finance with the customer. Not only is the customer shown several ways of funding the vehicle, but the residual value products cannot be found on any money Comparison site.
You control the sell-out price
Your commission terms with your Lenders are replicated, and a simple interface allows you to control the price on a car-by-car basis or by applying a default setting across all stock. The sell-out price can be dictated by commission amount, APR or even flat rate/yield. The YourCarLoan engine is even capable of handling subsidies. This ability to amend stock settings can allow you to use YourCarLoan tactically in line with your other marketing such as press or telesales. You can construct specific campaigns and turn them on or off in real time.
Mirrors actual Lender’s calculations
YourCarLoan can cater for most of the motor finance Lenders in the UK market. The finance products are re-created in every way – including the rules around age of vehicles, maximum mileages at inception, documentation fees etc. This means that you will never be in a situation where your website provides a quotation that you cannot honour – so if the customer asks for a 60 month PCP and that is not available, then no PCP calculation is returned. The customer therefore gets exactly the same quotation as if they had visited your showroom.
Choice of YourCarLoan services
Prefer to have YourCarLoan integrated into your used car stock pages? Then you need our ‘Integrated’ version. Need a speedier and easier implementation? Then look at our ‘Embedded’ version of YourCarLoan. Whether you use a top level media company or you use a local web design firm, there is a version of YourCarLoan to suit you.
Customer can provide a full Finance Proposal
In many cases YourCarLoan has integrated with the underwriting system of the Lender. This means that not only can a customer construct their own finance deal, but they can also complete a full finance proposal and securely submit it directly to the Lender. Of course it is also possible for any web proposals to be forwarded directly to the Dealer as an alternative. The proposal information is validated in order to ensure quality data and better quality decisions.
To find out more about how YourCarLoan can be integrated with your site, or to ask us a question, please click here