Regardless of how effective a car dealership’s marketing strategy may be, one of the most significant barriers to closing a deal is securing financing for the purchase of a new or used vehicle. Customers with subprime credit are the trickiest to approve, as they usually have a history of financial delinquencies and are short on cash which makes securing a downpayment impossible. A subprime lender understands the challenge these customers pose and offer a variety of lending options which will allow a dealership to approve more shoppers and increase their conversion rate.
Targeted Marketing Strategies
Individuals with bad credit are often cautious of visiting a dealership, as they fear that their past financial decisions will prevent them from being approved for a loan. A subprime lender will utilize targeted marketing to pique the interest of those with less than perfect credit, and allow them to shop for a car with confidence. Most use online marketing and direct mail campaigns to help reach customers who otherwise may never set foot on a new or used car lot.
Online Dealer Portal
The internet has changed the way people obtain a loan, as nearly every aspect of the application and underwriting process are now completed online. Subprime lenders provide dealers with a variety of online tools, which allows them to process more deals in a shorter amount of time. The portal also makes it easy to identify where a loan is in the underwriting process and allows for quick loan funding.
Enhanced Customer Convenience
Some consumers are uncomfortable using a bank that they have never heard of, and in rare cases, it may cause them to abandon a transaction. Most lending companies have a robust online portal that allows a consumer to complete a variety of tasks, which helps build consumer confidence from … Read More