RV, Marine, and Powersports Lending

Informed’s document AI enables RV, marine, and powersports lenders to board more loans faster, reducing fraud and risk. By combining OCR, AI, a data consortium and document intelligence, Informed automates the funding process, reducing contracts-in-transit and unwinds. The copilot “rides along” with loan officers helping them speed the process and handle any necessary manual reviews.

Lenders and dealers use Informed’s vertically trained knowledge graph, AI and machine learning to fund consumer credit applications in real-time, more accurately. Real time verification of consumer documents improves speed and accuracy, reducing error rates.

In addition to speeding and automating the loan process, Informed reduces bias for RV, marine, and powersports lenders through data intelligence. A real-time underwriting and funding process improves the consumer experience – even more important in a high interest rate environment.

Reducing Friction in the Lending Process

RV, marine, and powersports lenders leverage AI and machine learning to fund consumer credit applications in real-time with higher accuracy. All in a compliant and auditable way while decreasing bias and error rates.

Whether the consumer is buying a motorcycle, all-terrain vehicle (ATV), snowmobile, boat, or RV, they want a smooth and easy financing experience.

Reducing friction in the lending process is important not only to consumers, but also to lenders and dealers. Leading powersports dealers and lenders are discovering they can offer faster, easier, and more secure customer experiences simply by leveraging their mobile phones.

Lenders Are Shifting Focus to Income Verification Controls

Further improving the experience is the automated validation of dealer documents. Everything from the RISC, GAP waiver, Manufacturer’s Statement of Origin (boat, motor and trailer), proof of vessel insurance, signed purchase order, etc can be checked for accuracy against lender’s specific funding rules.

And, with the increase of fraud and collections, lenders are focusing on income verification controls. Dealers can verify identity at onboarding and lenders can verify and authenticate income, mitigating fraud and decreasing credit risk. Then capture rates increase, contract-in-transit times decrease and dealers are paid faster.

Powersports Lending

The Benefits

Informed makes dealers easier to do business with, resulting in increased market share, improved customer retention and:

Calculate and clear stipulations in under 30 seconds

Reduce information technology and operational costs

Process more loans faster while reducing manual errors

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for dealers, lenders, and consumers.

Upcoming Webinar: Crossing the chasm into the new digital world: The impact of AI and automation in creating a fully digital auto ecosystem