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If you are focusing your financing efforts only on new cars, you are missing out. About four vehicle purchases out of five is a used vehicle purchase. There are lots of good reasons to finance used cars. In many cases, late model used cars are a better financial risk. Depreciation during the first year is steep, and the principle payments are lowest in the first year, so most new cars have a higher loan balance than payoff value after the first year. Many still qualify for the manufacturer’s warranty. And most Lenders offer excellent rates on late model used cars. Your car-buying clients cover a broad spectrum of purchases. That used car may not be the primary vehicle, but could be a second, third, or fourth car. Or a new driver's first car. You should have products in place to serve all of your client's financial needs! Lender's Resource Group makes your website a powerful cross-marketing tool for you. Some of your clients want to use the phone? Great! You are providing a toll-free 800 number that they can use to contact any dealer in the country! What a service! Some want to use e-mail? That's fine too! In either case, you now have the means to discover when your clients are in the market for a used car. Use this information to secure a pre-qualified loan, or to reinforce the relationship with your dealer network. Either way, you retain the business and the loan! |
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