It can’t be overstated: Speed is vital when it comes to the services indirect lenders provide dealers. From loan approvals to the funding of signed contracts and the management of documentation, dealers expect fast service that meets the ever-growing expectations of their customers. Dealership managers are increasingly under pressure to save time within a process designed to take time; as a result they reward fast and efficient lenders with favored status and a steady stream of business.
Lending in the Fast Lane
All of which makes good technology a vital part of the solution indirect lenders offer to dealers. In the below article from CUES Credit Union Management Magazine, writer Richard Gamble goes into detail about how technology is making a key efficiency difference for Credit Unions, as they compete in the indirect lending space. The article is a bit long, but well worth the read. Gamble gets insight from multiple credit unions and vendors about tech priorities and value, and as a result vividly illustrates the need for technology when it comes to loan approval and contract funding. In essence, the faster a loan request passes through a lender’s automated approval process and gets to approved status, the more likely that loan will be selected by the dealer. For the most part, F&I managers aren’t going to wait around too long to get a loan in place. They will also want the review of contracts and funding to happen quickly and efficiently.
Check out the link, here: Lending in the Fast Lane.