Auto Link Introduces Side-by-Side Payment Comparisons for AFG Balloon Loan Program
Auto Link, a leading fintech and marketing company serving over 175 financial institutions, has unveiled an enhanced integration for Auto Financial Group (AFG) clients. Auto Link's innovative, patented Digital Car Buying Solution allows financial institutions of any size to provide borrowers all of the vehicle research, buying and financing tools directly on the client's website, thus controlling the user experience. Auto Link's enhanced AFG integration, now for the first time, provides side-by-side payment quotes on all qualified vehicles as members shop. This loan option competitive advantage is now front and center during the buying process, providing needed information and transparency early in the car shopping experience and not tucked on a back web page or in the loan officer's desk.
With interest rates rising, monthly payments are increasing for vehicle loans. AFG's Balloon Lending Program allows members to reduce their monthly payment by taking advantage of a lease-like product at their credit union. Combined with Auto Link's exclusive Digital Car Buying Solution, members learn about their payment options earlier in the search process, allowing for a more successful lending program. Vehicle search results now allow members to search exclusively for lower payment option vehicles and AI can be deployed to drive the member and online conversation deeper into the lending funnel.
"Experian reports that in the third quarter of 2018, only 11 percent of new-vehicle and 4.1 percent of used-vehicle borrowers had loans with a term of 84 months. In contrast, by the third quarter of 2022, these percentages had grown to 19 percent for new-vehicle and 11 percent for used-vehicle loans. Credit Unions can instead provide a low monthly payment alternative with shorter terms to their members through the AFG Balloon Lending Program. With Auto Link's technology, credit unions can educate borrowers on AFG's lower payment option right on their website," said Richard Epley, CEO of AFG.
"Consumers are demanding information and transparency online as they shop for vehicles 24/7 and this enhanced side-by-side payment comparison is a first of its kind and highlights AFG Clients' competitive advantage of loan options. This represents the latest example of how Auto Link is dedicated to providing digital solutions to meet financial institution and consumer demands," said Ed Bourgeois, CEO of Auto Link.