ACCEPTANCE of online multi-lender motor finance quotation tools is growing as finance providers and used car dealers increasingly recognise their benefits.
The key factor, according to iVendi points out the online motor retail specialist, is that customers have been conditioned to expect comparisons within almost every online finance product market and do not see motor finance as any different.
Richard Tavernor, COO at iVendi, said: “The argument against multi-lender solutions from lenders themselves is a simple one – that you have a captive customer within an online retail process and there is no benefit in providing choice.
“However, this ignores the expectations of customers in 2019. They are highly habitualised to using online comparison tools for a range of finance products from car insurance to mortgages. Not having that choice means they are more likely to start shopping around than if you do not give them wider options.”
He added that iVendi regularly saw evidence that suggested multi-lender scenarios helped to drive overall levels of online motor finance penetration.
“Customers are more confident about continuing with their motor finance application if they believe they have been given viable choices from different providers.”
There were other benefits that resulted from multi-lender comparisons, such as increasing brand awareness, Tavernor said.
iVendi’s motor finance solutions are accessed by more than three million consumers every month.