There are several reasons why a car dealer should have a prequalification tool on their website:
It improves the customer experience: By allowing customers to prequalify for financing before visiting the dealership, the prequalification tool can help customers feel more confident and comfortable when shopping for a car.
It saves time for both the customer and the dealer: A prequalification tool allows customers to quickly and easily determine their loan options, saving them time when shopping for a car. It also saves the dealership time by identifying customers likely to be approved for financing before they visit the dealership.
It can increase sales: Customers prequalified for financing are more likely to purchase a vehicle because they know they can afford it. This can increase sales for the dealership.
It can increase the profitability of each sale: Prequalified customers are likely to have a better credit score, which means they are more likely to be approved for a loan with better terms. This can increase the profitability of each sale for the dealership.
It can increase the dealership’s online presence: By providing a prequalification tool on their website, a dealership can differentiate itself from competitors and attract customers looking for an easy and convenient financing process.