What is indirect lending?
Indirect lending is financing that occurs at the point of sale, such as a dealership. It is also referred to as three-party lending consisting of the dealer, the member, and the credit union funding the loan. Indirect lending allows members to apply and receive approval on loans at the dealership, even when your credit union is closed. With our indirect lending support, your credit union has the freedom to select the dealers involved in your program.
How does the indirect lending process work for clients of Indirect Lending Solutions?
When a member applies for a loan at the dealer, the dealer’s finance representative submits the member’s application information on our secure website for processing. Using a risk-based evaluation model with thresholds predetermined by your credit union, the online software determines the applicant’s creditworthiness and returns a decision to the dealer.
If the application is denied, the dealer is notified that the application has been sent to Indirect Lending Solutions, LLC. Our staff reviews the information and provides a final decision to the dealer, usually within 30 minutes during business hours. All of the information relating to the loan application is recorded and can be monitored by your credit union at any time.
How does Indirect Lending Solutions charge for its services?
Indirect lending provided by our company is affordable because payment is per loan application. Your cost is actually based on the success of your program, which makes it an affordable way to take advantage of the benefits of indirect lending without a huge financial commitment.
Does my credit union or the dealer need special software in order to start an indirect lending program?
There is no special software needed because the lending platform is located on a secure website that can be accessed by your credit union and the dealer using Internet Explorer 6.0 as your web browser. This configuration is both reliable and user friendly. It allows you to view up-to-date information regarding your credit union’s indirect lending activities from anywhere you have an Internet connection.
Are there any geographic limitations to using the services of Indirect Lending Services, LLC to establish my credit union’s program?
There are no geographic limitations to using Indirect Lending Solutions for your indirect lending needs because the software is accessible via the Internet, and we are committed to supporting your program regardless of your location.
Why should I select Indirect Lending Solutions to provide indirect lending for my credit union?
Our staff has years of experience in the indirect lending industry. We have successfully navigated the complexities and challenges presented by indirect lending. We are committed to providing your credit union outstanding support and technologically advanced software combined with underwriting expertise. The program’s affordability and flexible design allow you to develop and nurture dealer relationships while funding and auditing your members” loans. We also provide ongoing support and consultation services to help your credit union make the most of your program.
If you have additional questions related to our services, please feel free to contact us.