Auto Lending Expected to Increase, Countering Tight Interest Margins
Many people and businesses struggled with their finances when the coronavirus upended life as we know it. Credit unions, especially small ones, are no exception due to squeezed net interest margins. The methods that have sustained business for years are no longer working as they used to, and if no changes are made, credit unions will continue to have trouble balancing their books.
As the coronavirus continues to play a role in our lives into the new year, credit unions must keep a finger on the pulse of members’ changing needs. As we slowly work our way toward a post-COVID normal, Open Lending will be here with our data-driven solutions to help your credit unions and banks safely make higher yielding, nonprime auto loans.