Announcing Blend's Auto Loans product | Blog | Blend
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October 28, 2019 in Blend momentum

2 minutes

Driving toward a faster and smoother auto lending experience

Blend for Auto Loans

Today, consumers of all ages expect a fast and frictionless experience with their purchases and transactions. Applying for an auto loan should be no different.

By partnering with Blend, you can give your customers the keys to a simpler and faster auto lending experience.

Historically, car financing has been more complex than it needs to be. With Blend’s Auto Loans product, the process has become much simpler. This new auto offering helps increase operational and marketing efficiencies while creating an overall better customer experience. Start getting borrowers from application to the driver’s seat faster.

“Blend enables us to deliver a better, omnichannel experience for our auto loan customers. We’ve seen a significant increase in our online auto loan application completion rates, from 20% to 85%, and our approval rate has increased by 10%.”

VP, Channel Delivery Manager
$38 billion Midwest-based bank

Applying mortgage success to auto lending

Blend has joined with banks, credit unions, and independent mortgage companies to streamline the mortgage application process. We’re proud of the success we’ve achieved to date, including creating a one-tap mortgage pre-approval.

In case you were worried, we’re still committed to providing lenders a transformative mortgage offering.

But building on our mortgage success, we’ve decided to bring our design and engineering know-how to consumer lending products like auto. We can deliver a trusted and secure online experience while driving meaningful value for our lending partners.

Delivering a customer-focused experience

Shoppers make car financing decisions based on speed, transparency, service, and intuitiveness.

Blend believes in delivering on these expectations through a three-pillar, customer-centric approach:

Speed: We connect to key data sources, including income, employment, and vehicle valuation data, allowing lenders to certify loan-worthiness in an instant. Differentiate your offering by getting consumers approved in one session — not weeks.

Omnichannel: We enable customers to start and complete a loan application anywhere and anytime as part of an omnichannel experience — on a desktop, mobile device, or in a branch supported by trusted bankers. These bankers benefit from configurable workflows on dedicated app intake pages specifically designed to meet the unique needs of auto loan processing.

Efficiency: We automate and streamline the processes that delay turn times, driving incremental conversion and increasing operational efficiencies. Bankers no longer need to micromanage loan processes, instead focusing on building relationships that last.

Getting auto loans right

Customer expectations have clearly shifted. Across the board, people want an easy, fast, and frictionless digital experience when applying for a loan.

Blend partners with you to exceed your customer’s expectations while growing your auto loans business significantly. For lenders that get it right, the benefits are substantial.

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