There is nothing more frustrating for a car salesperson than to spend time with a consumer only to have their credit application declined by a finance company. Fortunately, a dealership financing company can help by reducing the number of rejected applications and simplifying the application process. Rather than dealing with traditional banks, consider using a dealer lending company that has a history of providing top notch customer service and an easy to use online portal. Here are the top benefits to doing so, and how it can save a dealership time and money.
Pre-Approval Direct Mailings
One of the easiest ways to identify when a customer may be eligible for financing is to utilize a pre-approval direct mailing process. A company will complete a soft pull of local consumers and determine those that meet the minimum financing qualifications and contact them using direct mail. A customer simply provides their direct mail advertisement at the dealership, and the salesman will have quick access to their loan approval amount which can allow them to tailor the car buying experience.
Quick Online Application
Some bank loan applications can be cumbersome and require lots of time to complete. Find a company that offers an online application, as it can be completed quickly and provides the finance department of a dealership with the information they need to approve a customer for a loan in just a few short minutes. This can help prevent a sales person from wasting their time and allow them to focus on clients who have the credit needed to purchase a car.
Multiple Lending Options
Some customers are looking for loans with low-interest rates, flexible payment options, and low down payment requirements. A dealership can provide a wide array of choices to a consumer when they use a credit clearing house system. This will check their credit and provide them with a various amount of lending options, depending on their credit worthiness and the capital they have available for a down payment.
Car dealerships are choosing to streamline their loan approval process by partnering with Consumer Portfolio Services. They have more than 20 years of experience in helping car dealerships large and small close on sales. Check out their website to learn more and take the first step in modernizing the process of applying for vehicle loans.