Firm Offers 84-Month Used-Car Loan Solution

By Staff Writer September 18, 2022

Open Lending Corp., an industry provider in lending enablement and risk analytics solutions for financial institutions, will provide clients the ability to offer 84-month terms for new and used vehicles up to four years old, with less than 60,000 miles. This is an increase of nine months from its previous maximum term. In addition, Open Lending will now provide its clients the ability to offer a higher PTI (Payment to Income) ratio for indirect lending, increasing full approvals and higher funding ratios due to fewer counter offers. Both offerings will help financial institutions increase loan volume, minimize risk and increase return on assets.

“Inflation is impacting everything we purchase, including the cost to own a car,” said John Flynn, Open Lending Chairman & CEO. “More than one third of applications requested terms more than 72 months in 2021, so now we’re offering the ability to provide higher loan amounts, longer loan terms and higher PTI ratio for indirect lending. Our motivation and our mission are to help our clients empower more of their near and non-prime members to reach their dreams of vehicle ownership during this uncertain time, and in doing so also help our clients unlock new revenue opportunities.”

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Last modified on Thursday, 22 September 2022 12:55