Auto refinance companies are presenting more unique solutions for lead generation than ever before. Credit unions can attract new members and add new loans by partnering with refinance companies that perform these services on their behalf. This kind of partnership therefore eliminates the credit union’s need to expend additional labor and the costs associated.
In order for your financial institution to successfully compete in the current lending landscape of expanded auto refinance portfolios, consider a broader customer base by exploring a non-traditional lending option.
Attract Millennials through Product Innovation
Today’s top lenders have experienced a major momentum shift toward “modern” or near-prime borrowers. However, consumers with near-prime credit (typically defined as having a credit score of approximately 580 to 700) oftentimes get a bad reputation. Why? They are most likely millennials with little to no credit histories. However, these millennials are crucial to the auto refinance market.
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