3 Steps To Streamline Auto Finance Payments

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3 Steps To Streamline Auto Finance Payments

CFO Tech Outlook | Wednesday, August 05, 2020

Auto Finance PaymentsLate payments and loan defaults can lead to costly auto repossessions that disrupt auto lenders and car owners alike, here are some ways to streamline this process.

FREMONT, CA: Public transportation and rideshare apps have setback the car ownership, but still again it is back on the rise. According to reports as in 20019 outstanding car loans in the US reached a new record total of $1.16 trillion. On-time auto loan payments are crucial for every individual. NO one wants to miss a payment, so they are

Fintechlooking for safe and straightforward payment options.

How to make auto loan payments simple?

Offer different ways of payments to customers

Servicing auto loans serve a large group of customers. Auto finance companies should accept payments through a variety of different ways to support the individual needs of their customers. Different customers will prefer different options to pay their loans; some will prefer to walk in while others might choose the convenience of calling an IVR system. Most of the customers are looking for digital platforms to make their payments. Other solutions like EBPP can leverage chatbots technology and artificial intelligence (AI) to enable payments on time.

Inform the customers when their auto payments are due

Customers want to be alerted when a payment is due in a different manner. Some people will prefer receiving a physical bill in the mail while others will like to get an eco-friendly e-bill. Every provider should ensure that their EBPP solution should empower customers to choose the billing method of their choice. Another effective way to prompt the customers to take action and avoid the penalties associated with late payments is to send an email or text notification.

Give customers the flexibility to skip a payment if needed

Providing an option to skip a payment to the customers is a better selling plan for auto loans. Sometimes due to financial hardships, customers may face issues in submitting the payment, so this option of skipping may prove beneficial for them.

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