Are Auto Loans Hot?
My headline turns out to be a rhetorical question because from what I see, there’s no doubt financial institutions are vigorously pursuing auto loan customers.
In one day, I saw two credit union newsletters. One had an auto loan promotion as it’s front-page article. The second devoted nearly all of page two to car buying and a loan offer. The same day, the daily newspaper ran a half-page ad for auto loans from another credit union (repeated as a smaller ad days later). Regularly, a fourth credit union and a large bank run newsprint ads for auto loans.
It can’t be only this market that’s a hotbed for auto loans. What’s happening around you?
If your competitors are already promoting this product, then you have two choices. You can concede the lucrative business to them or you can jump in and compete.
Better, if your community’s banks and credit unions are sitting on the sidelines, start promoting and attract new customers and open new accounts.
While newspaper ads, billboards and broadcast spots help, your best bet for targeting your audience (getting the best response for your money) is direct mail marketing.
The business seems to be there. Go out and get it.
Here’s a ready-made auto loan program strategy that uses pre-approved prospecting lists.
Here are some auto loan marketing success stories.