TotallySure is a car finance product that improves transparency and drives better customer outcomes by helping them avoid rejection and guaranteeing that they get exactly what they apply for. This feature also benefits lenders by matching them with more suitable borrowers, while helping to reduce costs, and improve trust and brand loyalty.
Over the past decade, the value of the car finance industry has more than doubled, and is now worth GBP 40.7 billion per year. More than two million car purchases were financed in the past 12 months, with an average loan value of GBP 18,377, according to the press release.
When a customer applies for car finance, lenders will perform a credit check to assess their affordability, and ability to repay the loan. However, customers usually won’t know if they’ll be accepted before they apply, and 7% are being declined. In addition, representative APRs mean lenders are only obliged to give 51% of customers the advertised offer.
TotallySure offers pre-approval, helping to put an end to rejected applications and credit file implications. It also guarantees the APR, loan amount and term, so customers know that what they see is exactly what they’ll get.
The launch has come as TotallyMoney seeks to help the car finance industry rebuild trust with its customers following the recent FCA probe which could cost lenders banks up to GBP 16 billion. It found discretionary commission arrangements meant some brokers were being incentivised to sell loans at higher costs, with customers paying considerably more than they should have for their car finance.
Following the successful launch of TotallySure for credit cards and loans, the feature is now being introduced to car finance, and provides applicants with pre-approval, while guaranteeing rates, loans amount, and terms:
Pre-approval: Customers will know if they’ll be accepted before they apply, helping to put an end to car finance rejection;
Guaranteed APR: TotallySure puts an end to representative APRs and post-application surprises by guaranteeing the rate and the cost to borrow;
Guaranteed loan amount: Knowing how much one can borrow will help decide which car one buys — which is why TotallySure guarantees the size of a car finance loan;
Guaranteed term: TotallySure, customers are guaranteed the exact term of their borrowing.
TotallySure sets a new standard of care, improving transparency, and creating better customer outcomes. It also benefits lenders by driving more eligible customers and reducing the costs of failed applications, while removing uncertainty and improving trust.
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