Benefits of GPS Tracking for Lenders

GPS trackers with their sophisticated telematic technology are changing how lenders approach risk management. With the help of sophisticated GPS tracking solutions, lenders are changing their approach from reactive to a proactive approach of preventing loan defaults from happening in the first place.

Benefits of Using GPS Tracking for Lenders 

GPS tracking allows the lenders to enjoy improved security and risk management of their financed assets. It offers real-time monitoring of the loaned vehicle’s location, allowing quick recovery in the case of theft.

It also allows enforcing the loan terms, lowering operating costs, and reducing losses while optimizing loan management.

The benefits include:

Enhances theft recovery and security:

• Real-time locational tracking: GPS trackers collect data that allows real-time monitoring of the vehicles, pinpointing their location preventing their theft.
• Remote immobilization: GPS tracking allows the lenders to remotely immobilize the vehicles, preventing their unauthorized use.
• Reducing recovery time and costs: The trackers can quickly locate a lost or stolen vehicle, which aids in the recovery process and reduces unnecessary costs.

Reduces delinquency rates: 

With GPS tracking, the borrowers become aware of the vehicles being monitored, which encourages them to take better care of the financed vehicles. This ultimately reduces the delinquency rates.

Provides better lending rates:

Lenders who use GPS tracking are confident of the lended vehicle’s added security and recovery abilities. This allows the lenders to offer better lending rates that ultimately benefit the business’s productivity.

Allows lenders to maintain regulatory compliance: 

Lenders are usually required to maintain certain stringent regulatory standards to establish fair lending practices and protect consumer rights. GPS trackers offer accurate data on the vehicle’s location and movement, allowing the lenders to resolve any potential consumer disputes while maintaining regulatory compliance.

Boosts operational efficiency: 

• Route optimization: GPS tracking helps with better route planning that reduces costs and time.
• Lower costs: It allows faster recovery of stolen assets, reducing the vehicle depreciation and repossession costs.
• Better asset management: GPS tracking helps monitor and better manage the value of lended assets. 

Offer instant alerts with geofencing:

GPS trackers allow lenders to enforce customized boundaries for the financed vehicles around specified locations. This instantly alerts the lenders if the vehicles are moved to another unspecified location, preventing their theft and aiding the recovery process.

LiveViewGPS offers comprehensive and affordable GPS tracking tools that allow lenders to effectively monitor the financed assets, reducing costs while improving their business’s productivity.

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