Online Members Look to Their Credit Union Website For Automotive Financing Information

Online members turned to the internet for a wide variety of information needs regarding their most recent auto purchase/refinance, according to the latest study by Callahan's Survey Consortium. The survey, based on more than 18,000 online members who had purchased/refinanced a vehicle in the past year, revealed that the majority researched their purchase or financing at either their credit union Website or other Websites.

 
 

Online members turned to the internet for a wide variety of information needs regarding their most recent auto purchase/refinance, according to the latest study by Callahan's Survey Consortium. The survey, based on more than 18,000 online members who had purchased/refinanced a vehicle in the past year, revealed that the majority researched their purchase or financing at either their credit union Website or other Websites.

Credit union members went to their credit union Website for interest rate information, calculators, loan pre-approvals, and pricing information. They went to other sites for pricing information, automotive classified listings, and consumer safety information. About one-tenth looked for insurance quotes at other sites.

This data clearly shows that credit union members expect to find online information regarding their credit union's interest rates, financing options, along with calculators and payment tools. But credit unions that provide a wider range of automotive-related information will go farther in meeting their member needs and will be better able to position themselves as their member's primary financial resource. It also presents them with an opportunity to first educate members regarding manufacturer incentives and financing options before they go to the dealer.

Online members also provided feedback on any other information that their credit union could offer on their site to enhance the member's auto purchase/financing or loan refinancing research. Member comments clearly show that members not only want a variety of online resources, but they feel it's their credit union's responsibility to provide it.

''I like the idea of links to important auto-buying Websites, or my credit union actually providing this information.''

''Maybe create a separate section for car purchases. Include the (credit union name)'s own listings and possibly listings from other resources. Make it a one- stop- shop for car shopping.''

 

 

 

May 19, 2003


Comments

 
 
 
  • This is a great article and Ms. Senecal has done the home-work for the credit unions. If members can't get their information at the credit union Website they go elsewhere to find it.
    Anonymous