Posts by Web Finance Direct
Where is the RV Market Headed? 5 Trends for Lenders to Keep an Eye on in 2023
The North American RV market is constantly evolving. Driven by changing consumer preferences, a shift towards remote work, and a renewed interest in domestic travel, the recreational vehicle industry presents banks and credit unions with a unique opportunity for lending. As of 2021, the RV market was valued at close to $34 billion—and this number…
Read MoreHow Digital Transformations are Redefining the Banking and Credit Union World
As we enter 2023, the importance of leveraging digital transformations in banking is being felt across the financial spectrum. From apps to indirect lending on online splurges, the American (and global) consumer base enjoys a wide range of options to customize their financial experiences. Banks and credit unions that lag behind the finance industry’s wave…
Read MoreAuto Loan Fraud: WFD’s Guide to Combatting the Growing Issue
Auto loan fraud has been growing exponentially in recent years, especially here in the U.S. where it is considered to be detrimental. As we head into 2023, loan fraud, especially in the digital space, is expected to continue its rise. For both lenders and dealerships, the risk of selling to consumers who use fake identification…
Read MoreThe Web Finance Direct Guide to Indirect Lending
Throughout the American economy, financing continues to play a major role. For many consumers, the ability to borrow money to pay for their purchases over time gives them the flexibility they need, especially when it comes to more expensive, big-ticket items like cars, RVs, and boats. Take the RV industry, for example. As of 2021,…
Read MoreIn-House Financing vs. Full F&I Services: Which is Best for Your Dealership?
Have you ever heard the phrase, “buy here, pay here”? In the dealership world, this is a common way to describe in-house financing. For potential customers, the thought of one-stop shopping is an appealing one, especially when it comes to getting loans for their desired purchases. Take the auto industry, for example. By the end…
Read MoreCustomer Financing for Small Business: Why it’s Important for Your Dealership
If you’re the owner of a dealership, large or small, offering financing to customers is a great way to attract more buyers. For most consumers, purchasing a new or used vehicle, boat, or RV is a major financial commitment. Customer financing for small businesses not only gives consumers the flexibility they need but also signals…
Read MoreWhy Offering Financing as a New or Used Car Dealer is an Essential Part of Success
To offer financing as a used car dealer can give your business a leg up on your competition. Purchasing a new or used vehicle, boat, or RV is both exciting and daunting for consumers, who will want to get the best deal possible. Over half of all U.S. consumers choose to finance their used car…
Read MoreMember Retention: Why is it Important? And How Can Your Credit Union Improve?
The credit world is extremely competitive. Today, consumers have more options than ever before to choose from when making auto or boat purchases. Because of this, it is crucial that your credit union prioritizes member retention. Simply finding new members to replace those that might have left will not lead to growth in membership retention…
Read MoreBuilding Your Auto Loan Portfolio: How Indirect Lending Can Play a Key Factor
The ever-changing lending environment presents a number of challenges to banks and credit unions. When establishing and managing your auto loan portfolio, it is critical to maintain the proper balance. This will not only help you increase your bottom line, but improve your client retention and relationships as well. That is where indirect lending comes…
Read MoreLoan Processing: What It Looks Like for Dealers & Lenders
Loan Processing: What It Looks Like for Dealers & Lenders As any loan processor may tell you, processing a loan application is, to put it lightly, an extremely thorough process with specific requirements and deadlines to keep up with. Much like a loan process at a bank, a third-party loan process works in a similar…
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