3 Ways to Reach Nonprime Borrowers and Improve Interest Income

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Car buying in the United States is slowly picking back up, but the kinds of buyers looking to get a car have changed over the past year. Fewer people are being classified as subprime borrowers, but there’s a growing market of nonprime borrowers. There’s also still demand for new and used vehicles, so financial institutions must let potential buyers know that there are options available to them, especially in the nonprime sector. Here are just a few ways your credit union or bank can market to today’s car buyers, according to The Financial Brand:

Market Pre-Approvals

Before buying a car, most consumers will do research to figure out what kind of car they need, and, more importantly, can afford. If your financial institution wants to bring loan prospects to your doors, inform them of the available financing options. Pre-approved car loans advertised on multiple marketing channels will keep you top of mind when they reach the dealership floor. Ensure your messaging is clear that you have options available for those with less-than-perfect credit.

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Up Your Digital Marketing

Consumers do a great deal of shopping online, and cars have become yet another product people shop for from the comfort of their home. The global pandemic has accelerated the trend of going to third-party car-buying sites, and these websites have plenty of ad space to spare! Once again, this gives you a greater chance of being on the buyer’s mind while they are looking for a car.

Streamline Your Digital Member Experience

Greater demand for convenience has increased pressure on financial institutions to have mobile apps and online applications that are simple and easy to use. Take the time to ensure your digital platforms and services are optimized for the smoothest experience possible. If it is not as intuitive as it should be, consider adding autofill options and ways to quickly capture and upload documents, such as a driver’s license.

The online lending space is more important than ever, so banks and credit unions need to have a strong presence if they want to capture more auto loans. Multi-channel marketing and an intuitive online application process are key to building trust with nonprime lenders now and in the future.

Reach out to Open Lending to learn how we can help your bank or credit union leverage more of the auto loan applications you’re already receiving!


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