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You can thank Artificial Intelligence for quickly approving your next RV loan

If you’ve purchased any sort of vehicle at a dealership in your lifetime, you’ve likely found yourself cooling your heels in a tiny office while the salesperson disappears for a “quick meeting” with the dealership’s sales manager.

That “good cop/bad cop” sales dance might soon go by the wayside thanks to artificial intelligence.

RV Depot, a Texas-based, family-owned RV dealership that sells new and used RVs in the Dallas, Fort Worth, and Cleburne areas, recently inked a deal with a company called Scienaptic to use software powered by artificial intelligence (AI) that could transform the way RV loans are approved.

“By employing Scienaptic’s platform, RV Depot is positioned to offer enhanced, automated credit decisions to help increase credit availability for its customers,” Scienaptic said in a recent release.

In theory, artificial intelligence would allow an RV dealer to enter the pertinent information on a loan applicant and have an approval (or denial) of their loan back in seconds instead of the long, long wait to which many RV buyers have grown accustomed.

“We’re delighted to partner with Scienaptic to provide our customers with instant credit decisions and transform in-house financing. Scienaptic’s platform will automate our underwriting process and help us continue to stay true to our philosophy of saying ‘yes,’ when others say ‘no,’” said Steve Greig, chief executive officer of RV Depot.

“We are very pleased to help RV Depot support the financing needs of its customers,” said Pankaj Jain, president of Scienaptic. “Our technology will make their underwriting process more efficient, allowing them to grow their client base and better serve them while reducing risk. We look forward to enabling RV Depot say ‘yes’ to more customers.”

To find out more about Scienaptic’s new loan approval platform, click here.

##RVT1023b

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KellyR
1 month ago

I think that going to see the manager is indeed going to consult with (“artificial” intelligence?)
My RV is a 2014 and my two cars are 1996, and doing well. I hope I never have to buy another vehicle in the next 10 or 15 years. I drove my Toyota for 40 years before I sold it.

Drew
1 month ago

This takes the joy out of having the F & I dept trying to sell me under coating, paint & fabric protection, after market service agreements, and exclusive contracts available only at the dealer. In other words- pure cash going to your local rv dealer.

Tommy Molnar
1 month ago

So there is a set amount of interest to be added to the loan? No more bantering over interest rates?

Susan Banks
1 month ago

When purchasing almost everything, I dread my time in that office, no question I think they see me coming and rub their hands together. Why does it have to be a game, just offer a fair price and move on.