TwinStar Credit Union expanded its recreational lending programs through LoanStar Technologies’ new loan origination system in Washington and Oregon, according to a company press release yesterday.
LoanStar Technologies deployed version 3.0 of its loan origination system — MerchantLinQ platform — which enables credit unions and community banks to deploy vehicle programs in marine, RV, and powersports. The new platform will connect lenders and dealers in their regional markets.
LoanStar has one other live powersports lender on its platform, in addition to TwinStar, Craig Haynes, the president and co-founder, told Powersports Finance. Haynes declined to offer the bank’s name.
“We are excited to expand our point-of-sale lending programs via our partnership with LoanStar,” Aaron Palmer, chief lending officer of TwinStar CU, said in the release. “This is a game changer for us.”
Lacey, Wash.-based TwinStar Credit Union serves more than 100,000 members in Washington State and in the Portland, Ore., metropolitan area. TwinStar operates 20 branch locations and manages $1.2 billion in assets, according to the release. As of today, it offers motorcycle and scooter loans at 5.24% APR and RV loans at 4.74%.
“Our goal is to allow community banks and credit unions to provide a best-in-class toolset to the dealers, offering financing options to their customers, and ultimately simplifying their marketing initiatives and transaction flow,” Andrew Turner, LoanStar’s chief executive, said in the release. “Partnering with TwinStar on our non-vehicle launch has been a perfect fit for our dealers in both technology and service.”
LoanStar’s platform is capable of financing anything, Haynes said. “It is flexible so that the lender can decide on pricing by sub-vertical,” he added. “ATVs, golf carts, scooters, motorcycles, and some lawn and garden equipment are being funded on our platform.”