Engage indirect borrowers in 4 simple steps

first_imgMost financial institutions see the enormous benefits that indirect lending can provide. With little impact on your front line staff, and utilizing much of the back end processes that facilitate your direct lending program, indirect lending can increase your auto loan portfolio significantly and introduce your financial institution to a new crop of borrower. However, turning that indirect borrower’s loan into a full relationship can prove challenging.How do you make sure indirect borrowers don’t view their loans with you as a “one and done” transaction? Here are four steps you can take to capture additional business from your indirect lending borrowers and make them think of your financial institution first when they need additional banking and loan products.1. Create a good first impressionPurchasing or refinancing a vehicle can be an arduous process. Borrowers are inundated with numbers and terms they may not fully understand, and usually walk away with paperwork that gets shoved in a drawer and only looked at when it’s time to refinance the vehicle or pay it off. Many times, indirect borrowers may not have a clear understanding of who their new lender is after all is said and done, so make sure your financial institution creates a welcoming start to your new relationship. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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