Cycle Trader and FreedomRoad Financial Offer Instant Credit Approvals Online

IRVINE, Calif.--(BUSINESS WIRE)--Finio, Inc., the groundbreaking 360-degree digital lending platform, today announced it is powering the instant credit approval process for qualified individuals on cycletrader.com and atvtrader.com featuring FreedomRoad Financial – a division of Old Second National Bank. The experience allows customers to apply for financing directly on Cycle Trader’s and ATV Trader’s online marketplaces and securely obtain offers of credit within minutes.

“Getting instantly approved for credit right where you are shopping for your next motorcycle or ATV is boosting customer value,” exclaims Troy Snyder, VP of Digital Retailing and Private Marketplace at Trader Interactive.

Share

“This partnership gets our dealers and us early exposure to high-intent buyers,” states Darin Campbell, President National Specialty Lending, Old Second National Bank. “Customers can walk into the showroom with credit approval in hand, making it easier for our dealers’ salespeople to quickly close the deal.”

Finio’s credit discovery tools include a simple 2-step prequalification process as well as a full credit application. Online shoppers have the option to get prequalified for financing based on a soft pull of credit, which does not adversely affect the credit score. Alternatively, buyers can obtain firm offers of credit from those lenders that already work with the dealership selling the unit of inventory.

“Getting instantly approved for credit right where you are shopping for your next motorcycle or ATV is boosting customer value,” exclaims Troy Snyder, VP of Digital Retailing and Private Marketplace at Trader Interactive. “While serving vehicle buyers, we are also creating value for our dealer partners with enriched leads that are prescreened for finance-ability.”

Finio estimates that 70 to 80 percent of motorcycle and powersports retail sales require financing. By streamlining the credit approval process with the industry’s most innovative digital retailing and lending tools, the Finio platform unlocks incremental sales opportunities.

“The finance experience in powersports is highly fragmented,” explains Nick Stellman, COO at Finio. “Traditionally, customers and dealers had to fill out multiple different forms just to secure a single approval. Finio is eliminating this redundancy with a consolidated, simple, and user-friendly process.”

Finio also offers prequalification and credit approval tools directly to manufacturers and dealerships, which can have them installed on their own websites – configured for their respective brands and business needs.

About Cycle Trader and ATV Trader

Cycle Trader and ATV Trader are a part of a unique portfolio of Trader Interactive marketplaces for buying, selling, and financing powersports vehicles, including Cycle Trader, ATV Trader, PWC Trader, and Snowmobile Trader. With nearly 6 million monthly visitors, Cycle Trader and ATV Trader are on a mission to bring powersports buyers and sellers together by providing dealers and manufacturers with comprehensive listing packages and innovative advertising products that place inventory in front of relevant, high-quality buyers. Listing inventory through Trader’s powersports brands ensures that dealers can maximize their exposure, generate connections, drive sales, and boost profits. With industry-first search features and an innovative interface, Cycle Trader and ATV Trader can not only help you find your next powersports vehicle, but also secure financing completely online.

For more information, visit www.CycleTrader.com and www.ATVTrader.com.

About FreedomRoad Financial and Performance Finance

FreedomRoad Financial and Performance Finance are divisions of Old Second National Bank. They operate national powersports lending businesses, providing retail loans exclusively through authorized OEM and dealer partners. FreedomRoad Financial’s and Performance Finance’s product offerings facilitate dreams for motorcycle and powersports enthusiasts, while making things easier for dealers.

For more information, visit www.FRF1.com and www.goperformancefinance.com.

About Old Second Bancorp, Inc.

Old Second Bancorp, Inc. is a national banking association headquartered in Aurora, Illinois, and is the bank holding company for Old Second National Bank, which operates 56 banking offices located in Cook, DeKalb, DuPage, Kane, Kendall, LaSalle and Will counties in Illinois.

For more information visit www.oldsecond.com.

About Finio

Finio, Inc. is a modern credit aggregation platform for the powersports, motorcycle, marine, recreation, commercial vehicle, and other industries. The company’s compliant and secure sales and F&I platform facilitates seamless digital retailing and lending processes between dealerships, manufacturers, lenders, and their customers. Based in Irvine, Calif., the company is backed by an award-winning team of financial technology (FinTech) innovators.

For more information, visit finio.com.