Car Title Loans: All the pundits think it’s easy to make a fortune lending money to consumers in return for the title to their automobile, motorcycle, RV, boat… After all, successful transactions can easily top 200%+ Annual Percentage Rates (APR).
It is easy for title lenders to give their money away. But, there are two issues we must deal with first:
- How do car title loan lenders rise above all the other lenders and come to the attention of potential borrowers?
- Collections: how do we get the borrower to pay us back the loan principal in a timely fashion without the need for us to drive the borrower nuts with text messages, phone calls, emails, letters, personal visits, license plate technology… and on and on?
I’ve addressed these topics in many previous Posts. So… I’ll focus on a simple marketing piece I received today from Windsor Financial; a car title loan lender here in California.
I think it’s a nice piece. My iPhone image does not do it justice. It’s clean, bright and to the point; inspite of this poor image – my fault 🙁
Bottom line? Our consumer is often confused! They’re bombarded with TV, radio, direct mail, social media, texts, phone calls… They hear terms like “personal loan, cash advance, debt reduction, installment loan, line-of-credit loan…”
Our answer? Be direct! Keep your marketing IP simple and clear. Quickly communicate to your car title loan borrower what you do and how they can easily do business with you; a “clear call to action.”
PS: If you’re a title loan borrower in the Los Angeles area, see my friends at Windsor Financial! Good folks!!