A few years before the pandemic crashed through the nations of the world, you would be hard-pressed to find a lender that preferred to work as an indirect lending option. Carvana, among others, led the charge towards this goal as consumers choose to complete most, if not all, of their business transactions online and over the phone. The days of doing things in person at a brick-and-mortar location have gone into the history books.
As technology continues to improve by leaps and bounds, the indirect auto lending market finds that it can put “people first” much easier. This means that instead of concentrating on their bottom lines, they focus more on serving the customer. Which, of course, is you.

Let’s dig into this a little deeper to find out how technology changes the indirect auto lending market and why it benefits all parties involved.
- Accelerate Decisions – Decisions in the past regarding any type of loan could take a substantial amount of time. Technology today, specifically AI, decreases these times to minutes or even seconds. This streamlines the entire process because there are no waiting periods, in which time the car that you want could be sold out from underneath you.
- Accurate Decisions – One of the surest things you can expect when applying for a loan through an indirect market is that they will give you the most accurate decisions regarding your wants and your finances. Before, it was hard for the lender to actually judge what you could afford, but with today’s technology, that is no longer the case. They will know what you can and cannot afford because everything can be checked online through their AI bots that excel at trolling through online sites.
- Offer Best Loan Options – The AI systems are geared at helping the lender and the customer. The platform you choose to use, such as the iSelect car loans comparison site, can take some of your basic information and match you with numerous partners. Once the offers come through on your side of the transaction, you can pick through them all and get the best loan at the best interest rates.
- Reduce Documents – A great benefit to the lenders is the reduction of the paperwork they must fill out and maintain. Everything that can be completed in the process is now online, including the contracts that need to be signed. There is no need for a car seller to keep boxes of old files and cabinets full of current information. This frees up the space needed in the office and relieves the company of having one person on the clock who can do nothing but the paperwork aspect of the business.
- Contracts – This is the part of technology and AI platforms that make it possible for companies to shift from in-person lenders to indirect online ones. Everything can be reviewed, signed, and finalized online through the use of automated systems. The automated systems that are actually not automatic but rather controlled by AI systems that take the place of the human on the other end.
The technology shaping how indirect auto lending occurs is a fantastic advancement in the industry that offers benefits and accuracy to the lender and the consumer trying to obtain the automotive loan. It is possible to buy, or sell, a car from the comfort of your home or from the confines of your work cubicle on a mobile device. The point is that even though many people are still unsure about using AI systems in business, it is a technological wonder that should be embraced by all consumers and sellers.