Engs Commercial Finance Wednesday introduced LenderTrax, a highly efficient technology enabled lease and loan platform for vendors and customers.
Engs says LenderTrax provides a completely digital and mobile-ready financing process that fully automates the application, underwriting and documentation processes for vendors and customers. Starting with a SMART Credit Application that pre-populates all the required equipment specifications with a click of a button and uses OCR technology to auto-populate the credit application with personal credit information with a snap of a license, a credit application can be submitted in seconds.
Engs says there is no need for a vendor to get a paper application or have the customer fill out the equipment information, complete their personal credit information or find a fax or scanner to scan and then email to a lender. LenderTrax handles all of that in seconds with two simple clicks, significantly reducing transaction time and improving the equipment financing experience for vendors and customers alike, the company says.
LenderTrax is created to support dealers and manufacturers sales efforts by offering a completely automated and streamlined experience for customers buying equipment. Being part of one of the industry’s largest and most knowledgeable lenders in Engs, LenderTrax is well-positioned to assist vendors with market changing technology to enhance and modernize their customers’ equipment buying experience, the company says.
“We have been in the equipment finance space a long time, and the credit application process has not changed in 20-plus years. We know it is time for the industry to leverage technology to create a new and better way to automate the financing of our vendors’ sales efforts,” says Jim Freund, Engs executive vice president and CMO. “Financing is an integral part of the equipment sale, and depending upon the speed, ease and overall experience, can be a difference maker in winning business for our vendors.”
He adds, “The equipment finance business has historically been very paper intensive and manual process driven. LenderTrax changes that. It is always our goal to deliver best-in-class products and services to our customers to help them grow their businesses, and LenderTrax is our latest and most significant effort in that regard. There is no other platform like it.”
