Excel Finance extended its loan terms at the beginning of January in an effort to better compete in the industry, Valerie Figueroa, Excel’s dealer relations manager, told Powersports Finance.
The Lakeway, Texas-based finance provider increased its shortest term loan to 42 months, up from 36 months, and will now extend terms for current year, used-vehicles as far out as 72 months, up from 66 months. The extended terms are applicable for car and motorcycle loan consumers.
Excel also plans to roll out an upgraded loan-origination system through TCI in March, Figueroa said. With the upgrade, the company will add an online link to its contracted dealers’ websites to allow consumers to directly apply for loans with Excel, and receive instant preapprovals. Previously, consumers would have to apply at the dealership.
Excel Finance expanded its lending options in December to include auto loans. The company originally serviced loans for both cars and motorcycles, but halted its auto loan services in January 2014 to make program changes. Excel reopened the auto department in December, according to Figueroa.
Excel — which has 13 branches throughout Texas and Louisiana — offers loans on vehicles five-years-old or newer, and targets the subprime market.
This story originally appeared in Auto Finance News Update. Subscribe to receive more exclusive stories in your inbox.