Indirect lending solutions are becoming increasingly popular in the financial marketplace. By implementing indirect auto lending software, banks and credit unions can expand their loan portfolios in a practical and effective way. Here are some of the primary reasons to consider indirect lending options to serve your members more effectively.
Competing With Captive Finance Companies
When your customers go to the auto dealership to purchase a vehicle, they will typically be presented with a range of finance options. Dealerships may try to push loans from their own captive finance companies as a preferred choice for highly qualified buyers. Making sure that your credit union is represented by outsourcing indirect loan options available for your members can help you compete more effectively against the captive financing offered by many major auto manufacturers.
Achieving Your Fair Share of the Auto Loan Marketplace
Implementing a credit union indirect auto lending solution can boost your visibility among current members and potential members alike. By putting your loan offer and your name in front of customers at the point of sale, you can often increase the number of auto loans in your financial investment portfolio. This can enhance your profitability as well as your ability to serve your members effectively.
Increasing Availability to Match Dealer Hours
Choosing the right credit union indirect lending software can automate the process of approvals for auto loans. This can allow you to make loans and provide financing even when your credit union has closed for the evening or the weekend. Your indirect loan program can be customized to suit your specific requirements and to include only the dealers you approve. Automated indirect lending solutions can work on behalf of your credit union during all the hours your participating dealers are available. This can significantly increase the number of loans you issue to your members and potential members throughout your community.
Improving the Services Offered to Your Members
Finding time to visit your credit union and to discuss auto loans can be difficult and inconvenient for your members. By making these options available at the point of sale, you can often streamline the entire lending process for your members. This can have a significant and positive impact on customer satisfaction with your credit union and your services while ensuring the best overall experience for your members.
At CUAC, we offer practical solutions and services tailor-made for your credit union. We offer indirect lending software packages and full-service options for auto financing that makes sense for your organization and your members. Our team will work with you to determine the best strategies for your situation. Give us a call today at 866-970-2822 to discuss your needs with one of our indirect lending specialists. We look forward to serving you.