Chances are good that maintaining healthy cash flow is a top priority for your dealership. One of the biggest threats to that cash flow? Traditional lending processes that force you to wait for “cash in transit” or “payment in transit,”—which some lenders can often delay for up to two weeks after the deal has closed and the car has left the lot. Add in the additional complexities involved in financing thin and no-file borrowers, and you’re facing timeframes that these same traditional lenders might stretch out to a month or longer.
No matter what type of dealership you run, this crunch on cash flow can add major issues to the already challenging task of selling cars. If you’re at a franchise or dealer group, sales and profitability goals—together with the sheer size of the business and all its moving parts—demands that you have to maximize cash flow. If you’re an independent dealer, you often have to be even more vigilant: waiting for checks can greatly hamper your business’s stability and predictability, and your ability to maintain good relationships with critical vendors both big and small.
Regardless of how many rooftops you’re running, acting as “the bank” for a lender that’s sitting on your money is a major hassle, and while lenders may have many reasons to “slow walk” your check, technological shortcomings and outmoded processes shouldn’t be among them. At Lendbuzz, we’ve built our own business around empowering and supporting dealerships with the tools you need to maintain and grow your business, and our approach to getting you paid quickly is a perfect example of that.
How do we shrink the time it takes to finalize a deal and get you paid quickly?
First, our portal and our people work together to speed up nearly every aspect of the loan process. Document uploads, notifications, and actions are easy and quick, thanks to our user-friendly Dealer Portal, and our staff—including the Originations department—are on hand 7 days a week to approve your loans.
Next, we’ve automated a lot of the time-consuming manual tasks that both slowed deals down AND tied your time up. Verification of ID, income, education, and more are all handled on our end, simplifying the funding process by removing the often burdensome requirements associated with traditional lenders. The technology that lives at the center of this, Artificial Intelligence Risk Analysis (AIRA,) is something Lendbuzz has pioneered. It enables not only our ability to assess creditworthiness for borrowers without FICO scores (like your no-SSN and no-ITIN customers,) but also helps speed up the process overall, and every dealer who uses us to fund deals benefits from its speed and accuracy.
Another way we shorten the time it takes to complete a deal? Minimal stips. Our list of deal stipulations is simple, clear, and consistent from deal to deal, allowing you to quickly and easily pre-qualify a deal so that it can move towards approval in as little time as possible.
Finally, we run two outgoing wire batches per day, giving us multiple opportunities to ensure prompt and convenient loan disbursements to your dealership. This may seem simple, but it has an outsized impact on your own performance as a partner for your business, and results in Lendbuzz funding dealerships for the majority of the deals they close on the same day.
If you’re dealing with compromised cash flow from lenders who’d rather sit on your funding checks instead of sending your payments before the close of business each day—and you’re also looking for a great way to fund thin and no-file borrowers—it’s time to talk to Lendbuzz and learn about how we can put the power of AIRA to work for your business.