A win-win financing solution isn’t just about closing a deal: It’s about creating value for all stakeholders involved. Here’s a glimpse into our top strategies and principles that can help transform your dealership’s approach to financing, ensuring both your business and your customers thrive.
Offer Flexible Financing Terms
To cater to diverse customer needs, offer flexible financing terms. This could mean providing options like low monthly payments, extended repayment plans, or competitive interest rates. By accommodating different financial circumstances, you make your offerings more accessible.
Build Tailored Packages
Avoid cookie-cutter equipment finance solutions. Customize packages to align with the specific products and services you offer. Take the time to understand your customer, and create a tailored approach. Demonstrating your understanding of each customer’s unique construction business translates into better deals and will increase repeat business.
Find A Creative Solution
Lower interest rates can be a significant selling point and help set your dealership apart from competitors. Some customers can’t access low rates due to their financial situation. Equify Financial works with these customers to find creative solutions to get them the capital they need so your dealership can close the sale.
Expedite Approval
Partner with Equify Financial. Our streamlined application, documentation, and approval process can make a world of difference. Your customers are shopping for new equipment for a reason. Helping them get what they need quickly means you close a deal and they return to growing a successful business. Our team’s quick responses and knowledgeable support significantly improve the customer experience.
Be Transparent
Clear, transparent communication is essential. Always ensure the terms and conditions of financing solutions are conveyed clearly to your customers. We’ve heard stories about some independent finance companies hiding their rates or requiring weekly payments, so be diligent about checking terms and asking specific questions to protect your customer relationships.
You should have the answer to any questions and be able to explain any part of the financing documents and process. If you’re unsure, your Equify representative will give you the answers you need to give you and your customers the confidence that they’re receiving the best financial solution possible. Transparency builds trust and fosters positive, long-term relationships.
Educate and Support Your Customers
Provide educational resources, like helping them understand their business’s PayNet score and how it might affect financing approval and rates from different lenders. Education empowers customers to make informed decisions about financing. Offering guidance and support throughout the process demonstrates your commitment to their success.
Some customers may have uncommon or less than ideal business situations. Equify will work with each of your prospective buyers – particularly “B” credit customers – to get to know their unique circumstances and find a finance solution that’s a win-win for everyone.
Ask for Feedback and Make Changes
Seek feedback from customers regularly. Be ready to adapt your financing solutions to meet their evolving needs. The construction market goes through fluctuations. By keeping your eye on market trends and your customer equipment needs, you can be ready to help them get the equipment they need to stay competitive.
Build Long-Term Relationships with Winning Equipment Financing Solutions
Crafting win-win financing solutions is more than the transaction. It’s about creating solutions that work for your “bankable” customers and those who need more creativity in their financial solutions. When your dealership prioritizes customer needs and offers flexibility, support, and transparency, you set your business up for sustained success. Offering the right financing option for each customer’s credit and needs can also lead to more application approvals, which helps build trust with your customers.
Equify Financial is ready to help your dealership focus on creating win-win solutions. Go beyond closing deals and build a foundation for growth and success. Let’s talk about how we can support your customers and your business and build long-term relationships that benefit everyone.