iLendingDIRECT Expands Partnership with Open Lending to Refinance FICO Scores as Low as 560
iLendingDIRECT can now refinance customers with credit scores as low as 560 using Lenders Protection powered by Open Lending. This program allows lenders to fund near- or non-prime auto loans with default insurance coverage.
“We are excited to grow our partnership with iLendingDIRECT and to support them and their credit union partners in saying ‘yes’ to more automotive loans. The ability to help more institutions serve the underserved means a great deal to us,” stated John Flynn, Open Lending’s President and CEO.
“Often, the people who would benefit the most from saving money through automotive refinancing only have access to higher-priced auto loans based on their credit history,” explains Nancy Fitzgerald, CEO of iLendingDIRECT. “The entire lending industry is exploring new ways to assess risk and evaluate creditworthiness to be more inclusive. This partnership with Open Lending allows iLendingDIRECT and our lender partners to extend loan options to a broader set of people in serious need.”
iLendingDIRECT has helped more than 50,000 families and processed over $1.2 billion in customer funding since 2015. Partnering with Open Lending to refinance subprime borrowers is an opportunity to educate and improve the financial health of thousands more.
Founded in 2006, iLendingDIRECT is a national leader in automotive refinancing. Through strategic partnerships with credit unions, banks, and other financial institutions nationwide, the company offers competitive interest rates on auto loans and creative financing solutions to thousands of consumers a year. iLendingDIRECT is a Better Business Bureau® Accredited Business and maintains an A+ rating. The company also won first place in the 2018 BBB Torch Awards for Business Ethics in the large business category for demonstrating the highest level of credibility, trust, and transaction excellence while saving people money.
Open Lending, LLC works exclusively with automotive lenders by providing loan analytics, risk-based pricing, risk modeling, and automated decision technology. Based in Austin, Texas, the company serves more than 400 financial institutions nationwide. Through its proprietary technology, the Lenders Protection Program, financial institutions leverage powerful tools and customized analytics to underwrite direct and indirect loan approval decisions in seconds. Lenders are empowered to increase near and non‐prime automotive loan volumes and yields with the protection of A‐rated insurance carriers, preventing additional risk to their loan portfolio. Founded in 2000, Lenders Protection, LLC, is a wholly-owned subsidiary of Open Lending, LLC.