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Who do lenders target for car loans?
"I've seen a ton of ads for car loans, but I couldn't figure out who they're appealing to.
What's the target market for car loan lenders?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In short, lenders are marketing to those with money or the willingness to spend money. Every lender has its own targeted marketing and advertising campaigns and each has different clientele.
Millennials are a huge market that’s driving growth for lenders, as this generation loves to spend but only controls about 4% of the nation’s wealth. Older generations are more likely to pay cash, so they aren’t as targeted as younger drivers.
Other lenders also target businesses for fleet and commercial loans, while they might also do the same for business individuals who travel frequently.”
View full answer
- Gregory R.
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