February 23, 2021
Powering informed loan decisions
With an abundance of loan options available to car buyers, dealerships today must compete on more than just interest rates. Buyers also want a fast and seamless customer experience—something that puts many dealerships at a disadvantage.
That’s because their customers—especially those in the subprime space—must often endure a long and tedious financing process during which they’re asked to provide proof of income, ID and other documents to complete the loan application. This paper shuffle takes time, and missing documentation can send would-be buyers to the door.
Proof of income, in particular, is where many deals fall apart. Sometimes the buyer doesn’t bring their pay stub; other times the pay stub is outright fraudulent. And for the nearly 30% of Americans who are self-employed, there might not be a pay stub to begin with.
Approve Owl saw an opportunity to help dealerships verify income while streamlining the financing experience. By allowing buyers to complete the loan application and submit required documentation online, they remove friction from the financing step and can provide dealerships with verified information to make informed loan decisions. Dealerships can also limit the error-prone process of manual data entry, allowing salespeople to spend more time doing what they do best: selling.
To enable this service, Approve Owl needed a simple and secure way to help buyers permission their financial data. For that, they chose Plaid.