Indirect loans have become a common part of the modern lending landscape and while these products can be great for borrowers seeking the best rates and financial institutions hoping to expand their business, indirect lending also creates a unique set of challenges.
Indirect borrowers may never visit the institution that financed their vehicle and oftentimes, the origination process is fully automated so they don’t even speak to a lender at the institution before signing documents!
Even if you never meet your borrowers face-to-face, it is important to maintain the same level of communication and customer service your institution is dedicated to, regardless of whether your borrowers are direct or indirect.
Consider these five suggestions to ensure your institution has an effective strategy in place to dazzle your indirect borrowers.
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