There’s nothing about paying bills that consumers like, so it follows that the easier, cheaper, and more penny perfect they are to pay, the better, right? KISS!

The U.S. Navy coined the phrase KISS — “Keep it Simple, Stupid,” in 1960 to refer to jet mechanics, and it was eventually adapted across the military and into software development. It’s a minimalist design principle that says systems should be as simple as possible to ensure the greatest levels of user acceptance and interaction. It’s also common sense that the more precise and cleaner a choice is, the more apt a consumer is to adopt and embrace it. I am not a fan of the word stupid, so I rephrase KISS as “Keep it Sesame Street.”

When it comes to the car buying experience, the landscape of financing and leasing has changed to prioritize more choices and convenience while shopping and viewing monthly payments. Online platforms, flexible terms, and digital payments each factor into the simplest possible path to put and keep each driver in their chosen vehicle. KISS!

Online Financing and Leasing Platforms

Until recently, applying for a car loan was anything but simple. Piles of paperwork, long turn-around times, and head-scratching bureaucracy left many wannabe buyers ready to walk, not drive, home.

Digital transformation has made it simpler for consumers to explore and secure financing and leasing options from their browsers or specialty apps. Today’s Fintech platforms offer quick and easy online applications with minimal documentation. It’s no longer necessary to produce years of paper tax returns and pay stubs, complete pages of hand-filled applications, make copies, and then send them by certified mail. Rather than waiting days or weeks, applicants often receive instant approval as well as equally fast and secure digital distribution of funds.

This vastly improved online application and approval process also gives the consumer a leg-up in negotiating. Knowing in advance what they can borrow gives them the confidence to approach the sales experience fully in charge. Meanwhile, pre-approval lets the salesperson know that this is a qualified buyer in a particular price range.

So, whether the buyer is applying in-person with a dealership finance manager or on their iPad at home, KISS!

Flexible Lease and Financing Terms

In order to gain a competitive advantage in the market and encourage car ownership, automakers and financial institutions are now offering customers more flexible terms for leases and loans. Fintech platforms leverage data analytics to provide borrowers with personalized loan options tailored to their specific needs. By considering non-traditional credit sources such as rent payments, utility bills, and other monthly debt payments, which demonstrate responsibility and reliability, loans become more accessible to a wider range of potential borrowers.

From offers of lower payments to reduced interest rates and shorter leases to longer loan periods, innovative solutions today provide a practical plan for nearly any buyer. These solutions empower individuals with greater financial control, allowing them to build a stronger credit profile that will yield long-term benefits.

KISS!

Digital Payment Methods and Apps

Once the consumer is in their car, the convenience of mobile apps and digital payment methods makes fulfilling their new financial obligation easier than ever before. With automatic payments, there’s no need to worry about remembering the due date each month. Online account management allows for easy updates to contact information and payment changes. Balance inquiries provide a quick way to check the amount due or the remaining loan term. Mobile apps also offer the ability to make single payments for off-cycle buy-downs and pay-offs, empowering borrowers to stay on top of their financial responsibilities.

In today’s digital Fintech world, this consumer-friendly choice and convenience is a win-win-win for lenders, sellers, and buyers. While also ensuring penny perfect payments every time.

Chef’s KISS!

Written By Aaron Bickart, General Manager, OfferLogix.