iVendi launches new ‘Skyscanner for motor finance’ platform

Automotive tech specialist iVendi has launched a new online platform, Finance Navigator, described as a “Skyscanner for motor finance,” which promises to streamline the vehicle financing process for dealers and consumers alike.

The platform, released this week, enables car dealers to search across their entire panel of lenders in under 10 seconds, delivering instant results that include monthly payment estimates, indicative finance rates, approval likelihood, and more.

A standout feature is pre-approval from select lenders. If accurate consumer details are provided, a finance offer may be secured upfront. The system also highlights where further documentation, like proof of income or ID, is required.

Notably, Finance Navigator uses soft searches, meaning there’s no impact on the buyer’s credit score. According to iVendi CEO James Tew, the tool significantly improves transparency and efficiency in the motor finance process.

“This is a product that we think will be a gamechanger when it comes to how dealers handle finance, said James Tew.

“Either in the showroom or online, the dealer can ask the potential car buyer to enter a few details and then very quickly see a comprehensive set of results from their lending panel.”

Unlike some platforms, Finance Navigator does not use AI or machine learning. Instead, it pulls directly from lender data using sophisticated technology and decisioning rules.

The launch aligns with Financial Conduct Authority (FCA) priorities around clarity and consumer outcomes. Each lender can also highlight their unique value proposition, offering deeper insights into each finance option.

Tew hinted at future developments: “We believe the platform offers the means to much more easily identify the most suitable possible outcome for the vehicle buyer and in doing so, further benefits the dealer and the lender by making it much more likely that the consumer arrives at a suitable outcome. It takes transparency to a new level.

“This type of detailed finance comparison opens the door to a wide range of future product developments and we’ll be providing more details soon.”