No matter how busy a car dealership is, if they are unable to get their customers approved for a loan, it will lead to wasted time and significantly impact their overall sales data. While individuals with stellar credit have no issues obtaining financing, those with past credit problems often struggle to get a loan through a traditional lender. A subprime lending company solves this dilemma by approving loans that most banks would decline and provide a dealership with the following services.
Targeted Marketing Strategies
Many consumers won’t even attempt to apply for a car loan out of a fear of being declined. Lenders that cater to individuals with less than perfect credit pique the interest of consumers by using both e-mail and direct mail campaigns that alleviate the fears associated with applying for a loan. Campaigns of this nature are effective at getting individuals to a dealership on the premise of them being approved for a new car purchase even if they have an adverse credit rating.
Fast Approval Time
When an individual is seeking a new car loan, it is nerve-wracking when they have to have to wait hours for the application to be processed. In addition to causing undue stress, if the delay is substantial, it may cause a person to abandon the buying process. Rather than losing sales due to slow turn around time, be sure to select a subprime lender that offers fast application processing and loan funding.
Online Application and Pre-Approval
The internet allows individuals to apply for credit from the comfort of their own home and avoid the embarrassment of being declined a loan in person. Not only does it help expedite the loan approval process, but it allows an individual to walk into a dealership with their financing option in hand. Most lenders provide consumers with an online portal and will have an applicant pre-approved in as little as 10 minutes.
A subprime auto lender is an essential resource for dealerships of all sizes. Consumer Portfolio Services has been serving consumers with bad or no credit for more than 20 years and helps a dealership increase their overall loan approval rates. Visit their site to learn more and take the first step in expanding a dealership’s total revenue.