As Credit Unions look for efficiencies and economies of scale within the indirect auto lending space, collaboration has become incredibly important. Many indirect lending programs available in the market today encourage competition among credit unions and participants find themselves cannibalizing each other’s members, sacrificing profitability for lower rates and focusing on less quality due to desired higher volume.
Credit unions offer significant benefits and advantages for their members. These value-added services can serve as a strong selling point for your indirect auto lending activities and other loans offered by your institution.
When credit unions think of indirect lending, the first thing that comes to mind is risk. Risk is inherent with any type of lending; however, with indirect auto lending, risk can be exacerbated by elements created by the dealer and the inability for the credit union to personally interact with the member.
Indirect auto lending arrangements are on the rise. Credit unions and lending institutions can maximize their profits and diversify their investment portfolios by making sure they get their share of this expanding sector of the economy.
Indirect auto lending arrangements can provide added help for your credit union in acquiring new customers and ensuring that you get your fair share of this valuable sector of the consumer loan marketplace.
Most credit unions are apprehensive to dive into the indirect lending world and for good reason; starting an indirect auto lending program can be overwhelming.
Expanding the financial options available to your members through credit union indirect auto lending services can boost customer satisfaction and can ensure that your financial institution gets its fair share of the lucrative auto loan marketplace. Managing your indirect lending programs in a proactive way can help you to deliver the right options for your members. Here[…]
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.
In today’s lending world, indirect automobile lending is a crucial part of a Credit Union’s lending strategy, especially with the continued decaying of member loyalty and increased competition at the dealership level and an abundance of lenders in the marketplace.
Point of sale auto financing arrangements are increasing in popularity among consumers thanks to the added convenience made possible by these lending options. As younger consumers continue to exhibit reluctance to take on large amounts of credit-card debt, the demand for purchase financing options continues to increase. This is especially true in the field of auto lending.[…]