About EconoLend

EconoLend offers competitive loans to new car or used car buyers with no credit or bad credit history. Our proprietary underwriting model based on both quantitative and qualitative considerations allows us to extend credit under more favorable terms than would otherwise be available to such applicants. We can make loans to buyers that may have defaulted on financial obligations during the recent economic downturn who wish to buy a car and at the same time rebuild their credit.

We are not a score-driven lender. We choose to focus on applicants’ current commitment and ability to repay a loan instead of past delinquencies driven by circumstances that may no longer hold true. We rely more on verification of stable employment, stable residency, and disposable income.

Our Director of Operations, Michael Cunningham, has almost 30 years’ experience processing loans for creditworthy applicants with low credit scores, as evidenced by the historical performance of nonconforming loans he has approved over the years. Our expertise, combined with our technology base, enables us to approve buyers that may not qualify for a loan from commercial banks or credit unions and would otherwise resort to non-prime lenders that offer less favorable terms.

We require a sensible down payment and truthful pricing for the purchased vehicle as well as the trade-in (if any) based on comparable sales. Our loan amounts are driven by fair market values, not wholesale auction sales reports. We do not require dealers to guarantee loan payments or offer any recourse for customer payment defaults. We do not hold back a percentage of the amount financed. We just charge a flat acquisition fee that is reasonable and approximated to offset technology expenses incurred in connection with each new loan.

We treat your customers respectfully and professionally with the aim of helping you generate more business (which will hopefully lead to more business for us as well). More importantly, we see ourselves as a constructive extension of our dealers. We strive to create a symbiotic relationship with our dealers so that together we can make a stronger positive impression on customers. In other words, we go the extra mile to earn your trust and make you look good vis-à-vis your buyers. With each loan, we will pave the way for your customers to build their credit, become repeat buyers, and refer family and friends to your dealership.

“Let’s work together to turn denials into approvals and get good people with not-so-good credit into cars with payments they can afford!”