I'm curious, is having a loan application/loan calculator essential for a dealership website? Trying to figure out if it is really something customers would actually use or fill out.
Thanks.
Thanks.
Loan Application/Loan Calculator
- Thread starter Brian Nguyen
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- Dec 2, 2009
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- John
A credit application on the site is a great tool. I would place that in the "must have" category, certainly.
Completely agree with JQuinn. As somebody that lives inside the stats for many, many dealerships, I can say for certain that is a tool you shouldn't be without.
- May 1, 2005
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- Jeff
You are speaking of 2 different applications/tools here.
1. Online credit/loan application
2. Online payment loan calculator
I would like to talk about the online credit/loan application. IMO there are two different types and reasons for a dealership to have an online credit/loan application.
Conversion - online credit application as a LEAD DRIVER.
Convenience - online credit application for the sake of convenience for the consumer.
The Conversion Credit Application is there for acquiring more leads, getting the customer that much closer to doing business with your dealership. This type of online credit applications should be broken out into 1-2-3 type steps while asking for the minimum amount of information you need to in order to run a customers credit report. The Conversion Credit Application call to action should find it's way throughout the dealers website - Homepage, VDP, Specials page and such. Also - a great place to have the Conversion Credit Application is your Thank You page after the customer converts once already. Let's agree, someone willing to shares their vital personal credit information is that much closer to allowing you the opportunity to earn their business (or has shity credit). Why not place this once converted consumer into a persuasive position to take that next step with your dealership?
The Convenience Credit application is a completely different application. I recommend this page/application not to be consumer facing from the website. This application resides on a page that you can directly link the customer to. This is a one page long form, asking for all the possible information you would need to actually reduce the consumers delivery at the dealership.
Too often sales people will direct a possible client to your credit application on your dealers website for not other reason other than convenience. Depending on how much you police your incoming leads and ad sources, this skews your closing ratio to ad source. I personally would rather keep these application separate from the rest of my lead count.
IF you're using DealerTrack - they have an online Convenience Credit Application that's part of their package. Use this application for the convenience purpose.
Some systems to a decent job at tying these 2 together, while also having a feed right to DealerTrack and RouteOne
One that does a good job that comes to mind would be DealerCentric
Another that I believe is very close to DS is CreditJockey
And another option (I use within some elements) for my dealers is Motorize
My dealers use the 1-2-3 lead driving credit application provided be our website provider - DealerOn.
1. Online credit/loan application
2. Online payment loan calculator
I would like to talk about the online credit/loan application. IMO there are two different types and reasons for a dealership to have an online credit/loan application.
Conversion - online credit application as a LEAD DRIVER.
Convenience - online credit application for the sake of convenience for the consumer.
The Conversion Credit Application is there for acquiring more leads, getting the customer that much closer to doing business with your dealership. This type of online credit applications should be broken out into 1-2-3 type steps while asking for the minimum amount of information you need to in order to run a customers credit report. The Conversion Credit Application call to action should find it's way throughout the dealers website - Homepage, VDP, Specials page and such. Also - a great place to have the Conversion Credit Application is your Thank You page after the customer converts once already. Let's agree, someone willing to shares their vital personal credit information is that much closer to allowing you the opportunity to earn their business (or has shity credit). Why not place this once converted consumer into a persuasive position to take that next step with your dealership?
The Convenience Credit application is a completely different application. I recommend this page/application not to be consumer facing from the website. This application resides on a page that you can directly link the customer to. This is a one page long form, asking for all the possible information you would need to actually reduce the consumers delivery at the dealership.
Too often sales people will direct a possible client to your credit application on your dealers website for not other reason other than convenience. Depending on how much you police your incoming leads and ad sources, this skews your closing ratio to ad source. I personally would rather keep these application separate from the rest of my lead count.
IF you're using DealerTrack - they have an online Convenience Credit Application that's part of their package. Use this application for the convenience purpose.
Some systems to a decent job at tying these 2 together, while also having a feed right to DealerTrack and RouteOne
One that does a good job that comes to mind would be DealerCentric
Another that I believe is very close to DS is CreditJockey
And another option (I use within some elements) for my dealers is Motorize
My dealers use the 1-2-3 lead driving credit application provided be our website provider - DealerOn.
- Apr 7, 2009
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- May 1, 2005
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I guess DriveitNow would fit into the list as well. Though it's uses a payment as the call to action then leaks the consumer into the soft cedt application.
I was merely speaking about online credit applications alone. And the difference between the lead driver and the convenience app.
- Mar 17, 2011
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- Tarry
We actually have the ability to accept a short credit application and then show cars the online shopper qualifies for along with customizable payments.
Current long form credit applications that ask for a SS# and/or DOB deter a lot of shoppers from submitting a form, especially those with better credit.
Interesting.. To the other point, I'm not sure, it wouldn't feel like a REAL credit application if that info is not requested. We get plenty of people that are okay with sending over the SS#. In fact, most people just do name, address, contact info, DOB, Income, and SS#. They leave a lot of the other questions on the longer forms out, like residence age, employment history, etc.
- Mar 17, 2011
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- Tarry
Consumers with good credit already know they can get approved for financing anywhere. While they are looking for payments that fit their budget, they are also interested in seeing rates. Lower-credit shoppers are not as interested in rates as they are seeing payments and obtaining credit approval. By giving shoppers the opportunity to see real payments and rates for their credit tiers, you'll see more leads across the entire credit spectrum than standard online credit applications.
Our experience is the better the credit, the less willing they are to give personal information.
Here is a graph showing DriveItNow aggregated applications by credit score. You will see it is pretty evenly split across all credit spectrums.
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