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. Top
How
does the indirect lending process work for clients of Indirect
Lending Services, LLC?
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 Services, 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. Top
How
does Indirect Lending Services, LLC 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. Top
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. Top
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 Services,
LLC 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. Top
Why
should I select Indirect Lending Services, LLC 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. Top
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