Gearing up to rake it in

By John Beveridge  |  From: Herald Sun  |  October 22, 2009 11:34AM

IT IS the holy grail of car finance -- true online approval of a loan with the ability for the customer to choose the best deal from a panel of competing lenders.

And local company Synergetic Services claims it is on the verge of achieving just that, with a pilot program with a leading motor vehicle website set to be rolled out next year.

Managing director Philip Tedmanson predicts that once the Synergy loan origination platform is successful with cars and personal loans, it will quickly be expanded into areas such as home loans and international markets.

"The key to the platform is looking at it through the eyes of the customer and making the whole experience very simple and logical," said Philip.

With inbuilt links to the major credit reference agencies Veda Advantage and Dun and Bradstreet, the web-based system can then offer a choice of pre-approved deals from lenders -- with the obvious caveat that the loan application is accurate and truthful.

Philip said the compliance safeguards in the system made it an ideal way to cope with the looming tightening of consumer credit laws and innovations such as positive credit reporting.