Lendbuzz Revolutionizes Car Financing with AI-Powered Express Contract

Boston, MA – Lendbuzz, an AI-based fintech company that helps underserved borrowers obtain access to credit when purchasing a vehicle, announced the launch of Express Contract, its expedited loan approval offering for dealers financing borrowers with thin to no credit history. Express Contract uses Lendbuzz's proprietary Artificial Intelligence Risk Analysis (AIRA) to approve and fund qualified loans in a fraction of the time it takes using traditional methods. 

"Not only are we successfully leveraging AI to get a more accurate, real-time view into a borrower’s credit worthiness, we’re also leveraging AI to completely automate the verification process.” said Lisa Toerner, VP of Product Management at Lendbuzz. “This innovation is exactly what dealers and borrowers have hoped tech automation would be able to unlock for them to save time and close deals.” 

From qualification to approval, Express Contract takes under three minutes, saving up to 30% of the time it would normally take dealers and borrowers using traditional lending processes. 

“Other lenders lack the ability to successfully automate approvals for limited or no-credit customers often resulting in long approval times, or worse, reversals of their decisions after a lengthy, manual underwriting process,” said Toerner. “Lendbuzz tackles this problem using 360 degrees of automation, ensuring great rates, fast approvals, and higher conversion.”

Key Benefits for Dealers:

• Faster Decisions: Qualified deals are approved fast—total time from start to approval is under three minutes—with DocuSign contracts delivered directly to the buyer. 
• Increased Deal Flow: 24/7 underwriting enhances  deal-closing potential. 
• Real-time Notifications: Alerts appear instantly in the dealer dashboard when deals qualify for Express Contract.
• Decreased Overall Time: Cuts 130 minutes from a process that can run from hours to even days.
• All-digital Process: Express Contract utilizes Plaid to verify income, expenditures, and debt directly from bank accounts, minimizing paperwork and hassle.

For more information about Lendbuzz or Express Contract, visit www.lendbuzz.com.

About Lendbuzz

Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diverse customer base. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.

Contact

Steve Francisco, CMO

Stephen.Francisco@lendbuzz.com