A car dealership is only as good as the financing options they have available to their customers, and while there are a variety of subprime lending institutions, many of them having stringent requirements and a lengthy application process. Online financial institutions provide an invaluable link between buyers with less than perfect credit and dealerships and offer a variety of tools that are effective at improving conversion rates. The following is a look at just three of the many benefits provided by an online specialty finance company.
Online Application and Approval Process
In the days of old, it would take hours for a person to obtain financing for a car loan, but the internet has changed the process and makes it more streamlined. Consumers now have the option of applying for their loan online and may also submit any required verification documents from the comfort of their home. When they arrive at the dealership, the most time-consuming part is done which enables them to shop with confidence knowing that they have a financing offer in hand.
Digital Loan Agreements and Contracts
Standard automobile loans require a plethora of contracts and agreements, and while one or two may not be an inconvenience, dealerships that move hundreds of cars a month quickly begin to see the expense associated with printing and maintaining accurate files. The use of an online or digital file system will help reduce waste and allows a buyer to sign any documents in a secure, digital format. Reduce waste and expense by putting the power of the internet to work.
Automated Marketing Tools
One of the most significant barriers to creating a financially lucrative dealership is attracting customers. An online finance company offers a variety of advertising benefits, including automated marketing. Most utilize a mix of social media avenues and traditional mailer based advertisements to help pique the interest of consumers. This helps to increase foot traffic and allows a sales department to create a list of potential leads.
Managing a car dealership isn’t easy, but the right finance company will help to ease the burden associated with a variety of tasks. Consumer Portfolio Services is a leading provider of subprime lending options and helps to improve the sales rate for any size lot. Contact them today to learn more and see why thousands of dealers choose them to help finance consumers with less than perfect credit.