Using Hard Credit Pulls to Prequalify Customers is Costly
The primary benefit of SelectFI software is that it can use Predictive Lending™ analysis to predict customer financing options without affecting their credit scores. This brings your dealership substantial savings compared to using hard credit pulls to understand customer credit. Using Lender Selector®, credit pull expenses can be reduced as much as 45%.
The savings in credit pulls can exceed the cost of the software itself ($1,995/mo)! Check out our Cost Savings Calculator... you can estimate your monthly savings from switching to SelectFI based on the number of cards you sell per month and your average close rate.
Try Our Cost Savings CalculatorGetting your customer approved can often be a messy, time-consuming process. You would not be alone if you find many transactions involve more than one hard credit pull to correct issues in the application. Mistakes happen… and using Lender Selector®, your monthly savings will be even greater when you consider mistakes that might result in multiple hard credit pulls.
When credit results indicate a subprime customer, Lender Selector® prompts the customer to enter more specific information about their income to ensure the application will be as accurate as possible. We’ve all had to restart a credit application because we learned the customer’s first layout of their income wasn’t completely accurate. Lender Selector® prompts the customer with the important questions we need to ask about income sources, and provides the customer with explanation in the process to help them decide how to answer. When they get it right, you save money and increase the likelihood to close.
