There are great advantages to working with subprime leads. If you're thinking about reorientating your business strategy to include the subprime industry, you can expect some major benefits right off the bat.
Subprime auto loans are primarily for people who have less-than-perfect credit or have a limited credit history. Although there’s no specific score that differentiates a prime versus subprime lead, subprime finance loans will typically have higher interest rates. People with no or low credit will often run into a situation where they need a vehicle as soon as possible, but banks won’t help.
If you’re thinking about buying subprime leads, here’s what you should expect will be included in the transaction:
1. Your Lead is Ready to Buy
If you’re paying for a subprime lead, you’re almost guaranteed that the customer is ready to own and finance a vehicle. With this assurance, you’re also given the customer’s current residential, employment and contact information. Having this information before the customer even steps foot inside of your dealership saves you time, energy and advertising money.
2. Targeted Customers
When you buy a lead, you’re paying for customers who are close to you. Being able to decide the proximity of your targeted leads will help you remain local as a business while marketing yourself within your community of future-car buyers. Additionally, you have the freedom of choosing how many leads you want to buy per month. We have dealerships purchasing anywhere between 20 and 500+ leads each month.
3. Fast Process
Leads delivered straight to your e-mail or mobile device minutes after the customer applies gives you the best opportunity to turn the lead into a sale as quick as possible. Calling the customer minutes after they’ve applied will show that you’re ready and eager to help them, which will help build their trust for your dealership.When it comes to higher interest rates for subprime loans if paid consistently and in a timely fashion, the customer will benefit by having the opportunity to rebuild their credit score. The positive factors of subprime loans don’t just stop at the customer, the dealership benefits too.