Access information to help make your auto loans more competitive and less risky
The auto lending industry is highly competitive. In order to succeed, you need to be well positioned and armed with extensive data and predictive insights that allow you to target the right and most profitable customers. With TransUnion’s Auto Lending solutions, you can quickly analyze consumers' auto financing histories and estimate APRs for each auto loan. Or, offer competitive refinancing terms with an APR calculator that estimates your customers' loans with other lenders. You can even find those most likely to purchase a vehicle in the next 30–60 days and estimate the risk of applicants. Our extensive product offerings such as CreditVision®, credit add-ons, risk scores and prescreens allow you to customize your solutions and gives you additional insights into consumers’ overall credit behavior to further enhance your decisioning ability.
“TransUnion’s alternative data credit score enables Sierra Auto Finance to better assess the creditworthiness of thin-file applicants. We found that a majority of thin-file applicants have previously used alternative credit products, but a majority of these loans are not reported to traditional credit bureaus. TransUnion brings traditional and alternative credit data together and that allows us to extend credit responsibly to customers who demonstrate they have the ability to repay the loan.
Our analysis revealed a strong correlation between historic alternative loan performance and future auto loan performance. As a result, Sierra’s current custom application score is significantly more predictive than our previous custom
— Jeremy Jones
Chief Risk Officer, Sierra Auto Finance
Whether you’re offering purchase loans or refinance loans, we’ve taken credit data to the next level
Auto growth driven by larger vehicles, strong economic fundamentals
In a recent survey conducted by Versta Research, 317 lenders provided their thoughts on alternative data, and the results are quite revealing.
See how 3 top ten lenders achieved average portfolio increases up to 25%
Serving Communities with a Hybrid Approach to Risk Assessment