Key Takeaways:
- SelectFI Lending Solutions is revolutionising the auto finance industry
- The platform uses Predictive Lending™ technology to prequalify customers for financing
- SelectFI greatly improves dealership efficiency and aids compliance with FTC regulations
- Predictive lending will likely become a standard part of auto-financing in future
With evolving technology reshaping numerous industries, the automotive finance sector is gearing up for a revolutionary change. Startup SelectFI Lending Solutions, based in Erieville, New York, is utilizing Predictive Lending™ technology to transform the industry and improve dealership efficiency.
SelectFI is a Software as a Service (SaaS) platform designed for auto dealerships. It leverages proprietary predictive lending analysis to evaluate auto loan prequalification for customers, without negatively impacting their credit scores. This proactive approach helps dealerships deliver faster, more personalized experiences for customers, essentially adapting the efficiency digitally that the FinTech sector has been known for.
The standout factor distinguishing SelectFI in the industry is its utilization of proprietary Predictive Lending™ technology. This method entails using soft pull technology and lender guidelines to prequalify customers for their vehicle of choice. This innovation comes particularly beneficial for dealerships as it vastly reduces hard credit pull expenses, and is excellent news for customers as their credit scores remain unaffected.
The deployment of this technology equips internal F&I teams of dealerships with a highly efficient tool that streamlines the lending qualification process. Moreover, using SelectFI’s service makes adherence to Federal Trade Commission (FTC) regulations for fair lending simpler and considerably more coordinated.
Looking into the future, SelectFI Lending Solutions has the potential to revolutionize the automotive finance industry and define new norms in dealership efficiency. The company has set a course for a future where customers can enjoy quick and easy financing options without the fear of impacting their credit scores, all while dealerships benefit from improved operational efficiency and savings.
The efficiency offered by SelectFI’s Predictive Lending™ technology could well be a sign of a broader shift within the automotive finance industry, and it’s exciting to watch this unfold. Connect with SelectFI Lending Solutions on their website https://selectfi.info/, Twitter and Linkedin to stay updated with their innovative journey.
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