FI showroom red and grey logo
MenuMENU
SearchSEARCH

Equifax: Pre-Approvals, Credit Checks Drive Sales

Equifax has revealed new insights into auto consumer behavior and how customized searches, understanding buying power, and pre-approvals can move the sales needle.

by Staff
June 21, 2018
2 min to read


ATLANTA — Pre-approvals and credit checks remain a critical component of the automotive shopping process, according to a new report from Equifax Inc.

The global information solutions company unveiled additional analysis in its ongoing study of consumer credit and shopping trends. The goal is to better understand the current landscape of how credit is used by a variety of consumers, as well as better understanding consumer buying power. According to its latest findings, prospective purchasers view credit checks and pre-approval processes differently depending on where they are in the buying process.

Ad Loading...

The findings reveal that 52% of prospective purchasers have undergone a credit check, while just 15% have the intention of getting pre-approval on their desired vehicle. Even more interesting, nearly a third (32%) said they do not plan to seek pre-approval during the shopping process.

Clearly, dealers and financiers can play a larger role in helping or encouraging more pre-approvals, which may create a less adversarial environment when it comes to negotiation as well as a more expedited shopping process, analysts said, and an additional way to foster this environment is through encouraging more shoppers to create online profiles during the research phase of shopping.

“After reviewing these trends more closely, it is clear that there are additional ways dealers and financiers can help their clients move from prospective purchase to completed transaction,” said Rebecca Kritzman, senior director of automotive marketing at Equifax. “Encouraging the creation of profiles that lead to more customized searches, securing more pre-approvals on credit, and offering consultation on buying power can all lead to a higher transaction rate in a less adversarial manner, which can translate to longer satisfied customer relationships in the future.”

Consumers are constantly looking for value when shopping for a vehicle, and creating an online profile through a dealer’s online portal helps, according to the study. Equifax found that approximately 35% of consumers who did not create a profile ended up spending more than they expected on their vehicle, compared to 29% who said they spent less than what they expected. Online profiles and customized search processes help consumers navigate to better options that suit their specific needs, helping to build trust with dealers.

Buying power consultation is a critical component in helping consumers complete the auto shopping process. Men (37%) and women (39%) who recently completed a purchase said they received consultation on their buying power either before or during the shopping process. This compares to just a quarter of prospective purchasers overall who said they received consultation.

More F&I

Photo of robot holding a laptop
F&Iby Hannah MitchellApril 27, 2026

How AI Will Drive the Next Wave of Innovation in Finance & Insurance

It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.

Read More →
Photo of notepad and pen next to computer keyboard on desktop
F&IApril 13, 2026

Control in Sales Is an Illusion

Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.

Read More →
Photo of external keyboard on office deak next to window
F&IApril 7, 2026

The Limited Warranty Game

Bringing it in-house benefits the dealership and its customers.

Read More →
Ad Loading...
Woman in casual clothing sitting at a desk
F&Iby Rick McCormickMarch 31, 2026

Curb The Confusion

Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.

Read More →
Photo of man's hand on laptop computer keyboard with blank screen
F&IMarch 16, 2026

There Is Always one More Product

Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.

Read More →
REGISTER FOR EFI 2026
F&Iby Kate SpataforaMarch 16, 2026

EFI Conference Extends Early Bird Discount as Room Block Nears Capacity

Ethical F&I Manager's Conference will take place at The Cosmopolitan Las Vegas on April 13–15, 2026.

Read More →
Ad Loading...
F&Iby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
F&IMarch 4, 2026

Creating Your Own Economy

In this video, Reese Dailey explains how effective follow-up drives better results across the dealership, including increased sales, higher F&I penetration, and stronger customer retention.

Read More →
F&Iby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
Ad Loading...
Image of two human hands, one holding the word yes, the other the word no
F&Iby Hannah MitchellMarch 1, 2026

Expect Yes in the F&I Office

It may be human nature to back off when a customer seems to say no to a product or service. But experts say F&I managers should operate as though the answer will be the opposite.

Read More →