iVendi, the Colwyn Bay-based automotive fintech and member of Fintech Wales, has unveiled its latest innovation—Finance Navigator—a digital platform that promises to transform the way dealers and consumers approach vehicle financing.

Described as a “Skyscanner for motor finance,” the new tool allows dealers to instantly search across their panel of lenders, delivering comprehensive finance results in under 10 seconds. These include estimated monthly payments, indicative interest rates, and approval likelihood, all designed to streamline the decision-making process.

A key feature of Finance Navigator is its ability to offer pre-approvals from select lenders when accurate consumer data is entered. The platform also alerts users to any required documentation, such as proof of income or identification, enhancing clarity and preparedness in the finance application journey.

Importantly, the system uses soft credit searches, ensuring there is no impact on the customer’s credit score during the process. According to iVendi CEO James Tew, this transparency is central to the platform’s value.

“This is a product that we think will be a gamechanger when it comes to how dealers handle finance,” said Tew. “Either in the showroom or online, the dealer can ask the potential car buyer to enter a few details and then very quickly see a comprehensive set of results from their lending panel.”

Unlike some tools in the market, Finance Navigator avoids artificial intelligence or machine learning. Instead, it relies on sophisticated lender data integration and decisioning rules to provide accurate and immediate finance options.

The launch comes at a time when the Financial Conduct Authority (FCA) is placing increased emphasis on clarity and customer outcomes in financial services. Finance Navigator aligns with these regulatory priorities, offering consumers and dealers a more informed and transparent route to vehicle finance.

“This type of detailed finance comparison opens the door to a wide range of future product developments and we’ll be providing more details soon.”

Finance Navigator is now live and available to dealers looking to offer enhanced finance experiences to their customers.