Credit unions are taking the extra step in securing auto loans by providing auto buying services and other auto-related products to their members. These services are in addition to indirect lending, online lending and refinancing programs that credit unions already have in place. In many cases, they are partnering with third party vendors to provide these resources and these resources are available online.
When Callahan & Associates conducted its 2005 auto lending survey, 38 credit unions responded that they offered auto buying services. Of these respondents, 79.0 percent of them provided this service online.
If a credit union is planning to provide auto buying services for its members, its should seriously consider making the services available online. There are many third party vendors available to help with this task. Here are some examples that our survey respondents mentioned:
To learn more about other ways that you can help your members purchase and finance a vehicle through your credit union, check out our webinar entitled, Providing Auto Buying Resources to Your Members, sponsored by Credit Union Direct Lending.