Full credit application vs short-form leads: which is better?
Short answer
A short-form lead is a name, phone and email, often from a one-tap form people forget they filled out. A full credit application includes income, job, housing and consent to pull credit, so your desk can work the deal right away. Subprime Kings funnels collect full credit applications.
What does a short-form lead give you?
Usually just contact details. It is easy to fill out, so you get more of them, but many people don't remember applying. Your rep has to start from zero on the first call.
What does a full credit application give you?
- Income and pay frequency
- Employer and time on the job
- Housing and time at address
- Consent to pull credit
That buyer has already put in effort. Your desk can look at the deal before the first call.
Side by side
| Short-form lead | Full credit application | |
|---|---|---|
| Fields | Name, phone, email | Income, job, housing, consent to pull credit |
| Volume | Higher | Lower |
| Buyer intent | Mixed | Higher |
| First call | Qualify from scratch | Talk about the deal |
| Can the desk pre-work it? | No | Yes |
Does the ad matter too?
A lot. Generic "your job is your credit" ads attract people who click every ad. Specific ads attract real buyers. Jacques West, founder of Subprime Kings, gives an example of a sharper hook: speaking to a paramedic with a few months left on a lease and money down, instead of everyone at once.
What about consent?
Consent wording matters for both credit pulls and texting. A good funnel asks the buyer to consent to be contacted by, and have their credit pulled by, the named dealer. For texting rules, see the blog post on TCPA and dealership texting consent. This is not legal advice; check your own state or province rules.
Quick answers
What is a full credit application lead?
A full credit application lead includes the buyer's income, employer, housing and consent to pull credit, not just contact details. It lets the dealership review the deal before the first call.
Are short-form Facebook leads bad for car dealers?
Not always, but they tend to have lower intent. For subprime deals, a full credit application usually gives the desk more to work with and fewer wasted calls.