An Unlikely Way to Boost Loan Volume Online

If you’re like most credit unions, you rely on loan and rates pages on your website to help generate loan volume. We’re not saying don’t do that – it’s a proven way to increase loans. But if you’re looking for additional ways to boost loans, specifically used car loans, you might want to consider adding member-generated classified ads to your website.

By incorporating used car classified ads on your website, you could spur member interest and action to purchase a used car. And they’ll already be on your website, so what could be easier than applying for financing with your credit union once they discover a car they want? Here are a few simple steps to make it all happen:

• Put a call out in your newsletter, on your website and through member emails offering free used car classified ads.
• Have your frontline staff keep their ears open for members looking to sell their cars.
• Set up a classifieds section on your site. (Our brand new Classified Module for our Content Management System (CMS) makes the process nearly effortless – see below)
• Include links to a loan application and your rates information on the classifieds page.
• Include links to the classifieds on your rates page and used auto loan page.
• Ensure members are pricing their vehicles correctly with a trusted valuation program (we offer the easy-to-use NADA Online that enables you to provide members with accurate valuations).
• Mention ad listings on your Facebook and/or Twitter posts and in your newsletter.

Be patient, it might take a while for members to start sending you information. But the cost to include this in your credit union’s marketing plan is minimal and could be well worth taking the chance to implement.

About Our New Classified Module
CU Solutions Group’s new Classified Module can be easily added if you’re a current client using our Content Management System (CMS). The module lets you define different types and categories of items to list (such as job openings or used vehicles), add items for sale, upload and crop JPEG images, set dates for the ad to run, and review and approve or reject items submitted by members via the website. You members will be able to browse or search classified items on your website, respond to any items of interest and submit items to be listed.

Related services: CMS

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