Online loan marketplace LendingTree introduced a new function to its platform, which allows powersports lenders find potential borrowers, through an online application form. The tool was launched in December for finance providers of motorcycles, marine vehicles and RVs, with plans to cover all of the powersports segment, Rick Finch, senior vice president and general manager at LendingTree, told Auto Finance News. (Plans for the launch initially were announced back in May.)
“Powersports, technology-wise, compared to auto is at least 20 years behind,” he said. “As a result, independent lenders, credit unions struggle to put their product out there.”
With the tool, a consumer completes an online loan request form, provides their social security number, and gets matched with a lender from the LendingTree platform.
“We absolutely believe that financing options are limited in this industry, it’s mainly OEM dominated,” Finch said. “But we do see an increased interest from other players, so we want to become the matchmaker for them.”
Currently, 12 lenders have signed up for the tool, with about 50 expected to join by the end of 2016, Finch added.