Motor finance underwriting technology

Instantly identify fake proof of address, financial and ID documents in car finance loan applications.

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Prevent vehicle asset finance fraud

According to CIFAS, Car loan application fraud, which has risen by 16% since last quarter, now accounts for almost half of all motor asset finance fraud.

Mitigate the risk of defaults

UK car finance debt has reached £40bn as UK borrowers are at risk of default due to the cost of living crisis. Accurately assess affordability.

Reduce operational friction

Ops teams can waste up to 200+ hours a week manually reviewing financial documents. Automated document analysis eliminates human errors.

Vehicle loan software that helps you scale and mitigate risk

92% of all new car purchases in the UK are purchased using finance agreements with the average car loan now at £25,000.

Verify car finance application documents in seconds

Reduce the time and manpower it takes to assess the fraud risk associated with motor finance applications accurately. Using an easy-to-use UI or integrated API, our vehicle loan underwriting software analyses: consumer bank statements, business bank statements, payslips, and IDs instantly.

We can easily authenticate foreign documents, returning accurate data for more quicker and fraud risk-free loan approvals.

Discover more about document fraud prevention >

Make more accurate automobile financing decisions

Customise your risk appetite and make better car loan decisions based on raw banking data lifted straight from business and personal bank statements. Weed out vehicle leasing applications that contain false information and edited documents from the outset. Waste no time at all.

Discover more about our Fraud Finder >

Transform your vehicle finance underwriting processes with automation

A car loan application can include around 3-8 documents including bank statements, business accounts and proof of identity docs. Reviewing these manually on a large scale creates significant opportunities for human error and fatigue to occur.

Most car loan fraud in documents cannot be detected by humans. By automating the process, you can minimise operational risk and scale while maintaining security.

Discover more about our consumer lending underwriting solutions >

vehicle lending

The driving force of vehicle loan underwriting...

How can we measure risk with more precise data and help vehicle financiers scale? We utilise...

Open banking algorithms
Instant income and affordability verification for tenants.
Advanced document analysis
Unique-in-the-industry technology that flags modifications via a number of tests.
Data enrichment
We generate key risk insights from financial, behavioural & device data
Turn bank statements into unified code
Regardless of Open Banking connection, convert any document into JSON code.

Explore the full power of Homeppl technology

Increase the performance of your risk and ops teams by adding fraud & affordability analysis to your customer applications

Fraud & data
Prevent fraud in consumer applications with document analysis. Extract, group and analyse transactions & account information from financial documents.
Risk & affordability
Build an accurate risk and creditworthiness profile for any applicant. Get more customers by assessing ‘thin-file’ & international profiles. Maintain regulatory compliance.
Guarantees
Take advantage of flexible guarantees that work universally. Protect assets without common insurance friction. Add new financial products to your ecosystem.

Read more about how to combat loan fraud

Prevent lending fraud from impacting your business at the point of application

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A guide to lending fraud prevention
Fraudulent attacks remain one of the largest threats faced by businesses today. This is of particular concern for loan companies and banks...
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Driving automation in motor finance lending
In an era of increasing loan volumes, auto finance lenders face numerous challenges, from lengthy approval cycles to the need for efficient credit evaluation...
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Case Study: Portman Asset Finance
Read how Portman Asset Finance reduced fraud and cut operational cost by implementing our intelligent document fraud software, Fraud Finder...

Demo the tech making financial risk assessment more simple for loan providers...

We'll provide a short no-obligation demo of each element of our fraud tech, book below:

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FAQs

All you need to know about car loan application fraud...

Lending Fraud Risks

    Some common types of car loan application fraud that lenders should be aware of include false employment or income information, inflated appraisals or values of the car, misrepresentation of identity, and falsifying credit history.

    Additionally, some applicants may attempt to provide false references or use a straw buyer to obtain a loan.

    Lenders can protect themselves by thoroughly verifying all information provided in the loan application and keeping an eye out for any red flags or inconsistencies.

    Lenders can detect car loan application fraud by implementing several measures. These may include verifying the applicant's employment and income through pay slips, bank statements or other documentation via Fraud Finder. Additionally, checking the applicant's credit history and cross-checking it with other sources, verifying the value of the car through independent appraisals, and confirming the identity of the applicant are also important measures for auto finance lenders.

    What are the common red flags? An unusually high income or credit score, multiple loan applications within a short time frame, or discrepancies in the applicant's personal information.

    Borrowers who commit asset finance fraud can face serious consequences, including legal action and financial penalties. If detected during the loan application process, the lender may deny the loan or cancel it if it has already been approved. In addition, the borrower may be required to repay any funds disbursed based on the fraudulent information provided, which can lead to financial difficulties and damage to their credit history.

    Motor finance companies who approve financing based on fraudulent information can face legal implications, including fines, lawsuits, and damage to their reputation. If a lender is found to have knowingly approved a loan based on false or misleading information, they may be subject to civil or criminal penalties.

    In addition, the lender may be required to compensate the borrower for any losses incurred as a result of the fraudulent loan. All lenders have a responsibility to verify the information received and to take steps to prevent fraud.

    See more about KYC compliance.