Here’s something your customers might not yet know: loans to less than perfect credit holders are not only getting approved left and right, they’re flooding lenders as I type. While subprime mortgages get a bad rap, subprime auto loans are here to stay.
If only your customers with lackluster credit had a way of finding out that your dealership offered special financing?
Oh right – there’s automotive direct mail.
The great thing about automotive direct mail in the special financing area is that direct marketers have ways of smoking out the most promising leads – those with dented credit but attractive gross monthly incomes, no outstanding bankruptcies and no recent repossessions. These candidates might have been hard hit by the Great Recession, and may have missed a few payments on loans and credit cards due to a layoff or work pay reduction, but they’ve done right by their creditors overall and handle money responsibly. Heck, these folks may have had 700+ credit scores before the downturn hit. And, these are the folks you want taking out sub-prime auto loans.
So, armed with a lead list featuring just these candidates, you can send out direct mailers that speak to them expressly – informing them that they are still creditworthy and that they really can apply for auto financing, in spite of the recent hits their credit scores might have taken.
Regardless of the headlines, money is still cheap. But, without you informing your prospective customers of this fact, how on earth will they find out about it? The only way to push through all of the negative news surrounding the still fledgling economy is to inform your customers directly that you’re lending – and lending to people like them.
So, make sure your direct mail pieces call out specific criteria – and the surprisingly low threshold – that customers have to meet in order to qualify for competitive and affordable financing. And, you can even tell them that they’ve been pre-qualified, since, in essence they already have just by their inclusion on your prospect list. That little “pre” at the front of “qualified” is your out clause if you find something that spooks you in the full application process, and it might be enough to get that prospect up and into your office.