Over a strong almond latte: Tim talks us through some important and insightful trends of asset finance and how such data affects (or can affect) finance professionals.
In Nodifi’s last coffee chat with Head of Partnerships, Peter Holman, we discussed how the recovery from 2020 was faster than expected.
Tim Wells has extensive experience in the asset finance industry and, evident by his consistent raising of the bar at Nodifi, has a wealth of sharable insight.
- Brokers often find that most of their client’s information is already on file when submitting an asset finance deal for repeat clients
- Enquiries for new cars are coming back up after the stock shortage we saw due to COVID
- Submitting an application with all required documentation and notes ensures the smoothest experience
- Nodifi’s car sourcing option helps you keep the finance deal
- BID is causing angst in the broker community and Nodifi is preparing
1: Straight off the bat, what’s the first lesson of Asset Broking 101 for mortgage brokers new to the scene?
First lesson is; it’s a lot quicker than a mortgage is, generally, a lot more assets are available than homes. For mortgage brokers, you tend to find that you would have most of the information on file for your clients already, to submit an asset finance deal.
This speeds up and simplifies the process further.
2: It’s no secret that finance, in all shapes and sizes, has been on a rollercoaster during the COVID pandemic. What trends is Nodifi’s data showing at present?
We’re seeing enquiries for new cars coming back up after the stock shortage we saw due to COVID which pushed more people to used cars.
Turnaround times with lenders are coming down too. Lender policies are beginning to relax after tightening over COVID. We are starting to see some normality come back in our world, which is definitely a positive.
3: For brokers using Nodifi who want quick and simple options for new clients, what would you recommend?
The Nodifi platform collects a lot of data about your clients to make up a finance application. The reason we do this is to make it a one-touch solution. We don’t want our partners having to go back and forth to their clients collecting extra documentation or information, so we work on the model – collect it all and submit it in one touch.
Take the time to submit a full application with all the documentation and notes for the smoothest experience
For those wanting us to do the work and send through a ‘Tick n Flick’ – make sure you advise your clients to expect a call from Nodifi, this will help us with our introduction.
4: Where and when do most brokers lose clients and how can they remedy this?
We see brokers mainly lose deals at car dealerships. Utilise Nodifi’s car sourcing to take advantage of our dealer partners to not only get your clients the best price on the car, but to keep the finance with you.
5: BID seems to be causing angst within the broker community – how do you see this playing out from an asset finance perspective?
Tough to predict… It’s an ever changing environment, but we will be prepared on all fronts. Wrapping asset finance and mortgage broking under the same umbrella just doesn’t make sense, but we are preparing for both.
6: Finally, complete this sentence: front and center of asset finance in 2021 is…
The clients – your customers. The smoother the process we can make for our partners to access our lenders, the better the experience for our partners’ clients.
We’ll be hearing a lot more from Nodifi COO, Tim Wells in the near future.