What is Auto Finance?
An auto loan is a loan that allows you to buy a desired four-wheeler and pay the vehicle off in equated monthly installments for a set tenure instead of having to pay the full price upfront. The terms of an auto loan depend on various factors, including your income and credit history.
Gone are the days when owning a car or a two-wheeler was a luxury. Today it has become a necessity for all to own a vehicle of their own. Your first car; an expensive upgrade of an old model; a used car, a commercial vehicle or a two-wheeler, an auto loan brings everything within your reach.
What the Auto Finance companies give you?
They're there to get you driving
You want a car loan but you don’t want it from a lender you can’t trust. You also don’t want to have to go back and forth between the bank and the dealership trying to get approved. They can get you driving a new vehicle without all of the hassle and frustration of getting a traditional car loan.
The Right Time to Get Driving is Now
Auto Finance companies special finance programs offer more flexible rates, payment terms, and loan options designed to meet the needs of customers who aren’t buying through a traditional bank or lender. The goal is to get you into and driving a new vehicle at a payment that fits your lifestyle and monthly budget.
Digital Trends in Auto Finance
The auto finance operating environment is changing faster than ever before. Digital adoption rates have affected most consumer-facing industries, and auto sales is no different. Customers are increasingly comfortable in digital environments, and most carry mobile devices with them wherever they go. Some dealers and lenders were quick to adapt to digital environments, and as a result, traditional dealers must now fight online competition in addition to other local dealerships. Purely digital auto lenders have emerged, presenting another level of competition. As this competition heats up, the pressure to generate more sales and to grow business is forcing auto finance lenders to rethink their strategic priorities.
Our Strategies for Auto Lender’s today
Constant economic changes are impacting consumer behavior significantly and traditional collection methods are insufficient to drive collections and manage customer experience.
- CB2AI™ (Collection Behavior Algorithm) & KYDCB™ enables collectors to benefit from a deeper digital, multi-segmented, treatment strategy that identifies and segments high risk payers to be able to connect them to the right collection agent, yielding a higher dollar collection.
- Additionally, it leverages an Omni-Channel Customer Interaction strategy that reduces the frequency of calls, improves contact rates, and provides better overall consumer interaction experience.
For Auto Lender’s Covid-19 challenges are tuning out to be today’s opportunities.
For the auto finance industry, the pandemic has presented its fair share of challenges. But it’s also sped up digitization, improved focus on the customer, and highlighted the importance of building resilience into the business model. Smart auto finance companies will be looking to advance in each of these areas at every stage of the finance journey.