Hard credit pulls are costly, but you need all three to truly understand a customer's credit profile
In today's lending environment, the variance in credit scores from one credit bureau to the other could be the difference in securing the financing that lands the deal. For challenging customers, credit scores can vary by over 100 points.
Lender Selector® minimizes your credit check costs by utilizing soft inquiries from all three credit bureaus to generate financing estimates. Lender Selector® leverages the most favorable score to find the best lenders and the best rates. You don't need to guess which bureau to use for certain customers or certain lenders.
You save every time even if you don't close the deal. You also save costs by avoiding multiple hard credit pulls. Switching to soft credit pulls using Lender Selector™ can save your dealership up to 45% on transaction costs - try our calculator to see your projected savings every month!
Other benefits of the Lender Selector® soft pull model
You don't have to sacrifice anything by changing to our soft credit pull model. In fact, the benefits only get better for the efficiency of your team.
- Reduce errors in estimating customer payments
- Fulfill your dealership's “Know Your Customer” requirements early in the sales process (OFAC, Red Flag, ID One)
Your customers benefit as well! Our process does not affect their credit score, and it reduces the customer's resistance to working with you on financing. Once a customer knows their purchasing power, you can easily set their expectations for the vehicle to buy.
- Any number of estimates do not impact customers credit score
- Our process does not require a social security number
- Determines affordability and sets appropriate customer expectations at the start of the sales process
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