Find More Subprime Leads for Auto Loans
Though it may seem that finding leads with less than stellar credit scores in this economy would be easy, that is far from the case when it comes to subprime leads for auto loans. In spite of the fact that more individuals now fall into the subprime category for lending, fewer and fewer of them are opting to make large purchases. To isolate your business from this slump, now it is more important than ever to find a good source of regular leads.
Work with a list supplier who specializes only in subprime lending. Though suppliers who are less specialized tend to have access to larger databases of names, these individuals are less likely to fall into your target demographic. When creating your list of keywords for targeted name collection, be sure to include phrases like "poor credit," "bad credit," or "no credit." While those with higher credit scores are qualified to be approved by your lending institution, they are also far more likely to get more favorable terms on a loan from a competitor. By confining your outreach only to those with poor credit scores, you are more likely to increase your closing rate.
Consider taking the lead on list building yourself. There are a number of sites that cater to those who are experiencing times of financial hardship or learning methods for rebuilding their credit. Placing ads for your company on these sites is a great way to collect hot leads quickly. Check your account often and follow up with these leads as soon after they have been submitted as possible. Hot leads tend to get cold quickly, and this is particularly the case in auto loans.
Talk to a dealership in your area about lead collection. Many dealerships will have preferred lending institutions to which they routinely refer new clients. However, these loans are often only offered to those with the best credit history. Talk to local new and used car dealerships in your area about becoming their subprime lender of choice. You will immediately see an up tick in qualified new applications.
With a little work, any lending institution can find enough subprime leads to keep their lending practices booming.
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