Finclusion has become the latest motor finance company to be added to iVendi’s Finance Navigator platform.
The platform, which is intended to be used in showrooms by dealership staff as well as by consumers, is designed to deliver potential deal results from a range of motor finance providers in less than 10 seconds, showing critical factors such as monthly payments, indicative finance rate and likelihood of approval, as well as the option of pre-approval.
Finclusion was launched last year with the aim of providing finance for customers who may be unable to obtain credit from most mainstream providers.
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Its intention by becoming available via Finance Navigator is to reach the dealer market directly.
Ross Chambers, chief commercial officer at Finclusion, said: “Millions of people in the UK face barriers to affordable finance because of thin credit files, past financial challenges, or limited access to mainstream banks.
“We believe that shouldn’t stop anyone from moving forward and by using technology, open banking, and responsible data insights, we can understand each customer’s real financial situation, not just their credit score.
“Our approach focuses on affordability, transparency and opportunity. We make fair, consistent lending decisions designed to help customers build or rebuild their financial standing, while ensuring repayments remain sustainable.”
Platform’s database set for further expansion
Finclusion is the 14th motor finance company to be added to Finance Navigator, and iVendi says further additions are planned.
James Tew (pictured), CEO at iVendi, said: “A key part of the strategy for the platform is that it delivers a genuinely diverse range of lenders to participating dealers, ensuring that they have access to motor finance solutions for as many customers as possible.
“Businesses such as Finclusion are important to this approach, enabling consumers who may find it difficult to access lending from mainstream providers for a whole range of reasons with a new and effective option.
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“We’re very pleased to welcome Ross and his team to Finance Navigator and look forward to seeing dealers incorporate the company’s products into their proposition.”
“Some lenders that have adopted Finance Navigator have seen dealer sales treble in a matter of weeks, which underlines the potential for rapid growth it provides. The technology provides a new channel to thousands of dealers almost overnight.”