Automation advances auto loans

Customization capabilities, time savings enable CUs to compete with major lenders

Like the six blind men asked to describe what part of an elephant they were touching—trunk, leg, ear, tail, etc.—summarizing auto lending software in one word isn’t easy.

►Is it customizable? Yes.
►Can you generate other types of loans with it? Yes.
►Once you make an auto loan, can the software protect you from fraud? Mostly.

Custom design is now a standard car loan software feature. “Credit unions can set their parameters for loans on the software,” says Will McGregor, president of Integrated Lending Technologies (ILT) in Salt Lake City, Utah. “Our technology makes credit unions more effective lenders by reducing staffing hours and errors involved in making a loan for a car or other transportation device. It allows credit unions to compete with larger financial institutions in indirect lending.

“Our key to customization is creating a ‘rate matrix,’ which deals with the many factors you weigh to determine a car loan rate,” McGregor adds. “There’s a lot of math involved, and some clients will ask us to set up a matrix for their particular needs.”

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