Cars are more expensive than ever. New cars are hard to find in a marketplace ravaged by supply chain bottlenecks. Consumers are keeping their cars for ever longer terms.
Add that up and one conclusion is that the new car financing marketplace is slowing.
But another conclusion is that there just may be an emerging market opportunity in car refinancing.
It’s a relatively new finance play. Many, many credit unions still aren’t doing it. In this show, Todd Anderson, VP of lending at LendingArts, tells about the benefits, for credit unions and their members alike, in offering car refinancing.
He also tells how LendingArts may help bring new members into a credit union via an auto refinance loan.
Anderson, himself a longtime credit union employee before joining LendingArts, understands how credit unions think – and he talks us through how and why car refinancing in fact is a great tool for credit unions, especially now.
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