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!”