No auto lender needs to be reminded how competitive their business is. But what’s the best way to make both your dealer partners and retail borrower customers happy?
Having low interest rates and reasonable payback terms certainly help. For example, Space Coast Credit Union in Melbourne, Fla., offers competitive interest rates and loans as long as 84 months on vehicles built in 2012 and later.
But as Dan Haer, head of distribution at TD Auto Finance in Westlake, Texas, notes, “Any bank’s products, programs and pricing can be matched with relative ease.” So lenders have to compete more than on just price.
