How Personalized Financing Can Help You Boost Sales

What exactly is personalized financing? Essentially, it’s financing that your dealership can tailor to each specific customer’s needs. For instance, if a customer has poor credit, you might offer them a low-interest loan.



Discover some of the perks of customized financing and how it can help you achieve more car sales.

Allows Customers To Afford the Car They Want

Has a customer ever walked out of your dealership disappointed because they can’t afford a car? As a dealer, the last thing you want is for a customer to go to a competitor with better financing options.

No two customers are alike, so it doesn’t make sense to offer a one-size-fits-all financing plan for dealership sales. Rather, you should offer a variety of financing options with different terms suited to all types of clientele.

Let’s say a customer has bad credit or no credit at all. Rather than losing them, you might offer a secured loan with a low interest rate for the first 12 months. Secured loans are generally easier to get than unsecured ones because the buyer has to put something up as collateral (often the car itself).

Helps Customers Understand Their Options in the Car Buying Process

How many times has a customer arrived at your lot with no idea of their financing options? All they know is that they need a car, and they need one now. Working with such buyers can make selling cars a real challenge.

This is your chance to educate customers about the perks of dealership financing vs. traditional bank loans. You could talk about benefits like these:

• Customers with great credit can typically secure loans with favorable terms and interest rates. Even if a customer has poor credit and their bank denied them a loan, they may still be able to get dealer financing.
• Dealership financing allows customers to get the car they want rather than being limited to a specific lender’s network.
• Dealership financing is incredibly convenient. There’s no need to shop around at banks and credit unions for the best rate. Lenders can often approve a buyer for financing on their first visit to the dealership, allowing them to walk out with a car the same day.

Convinces Buyers That Your Dealership Cares

Car dealerships have a reputation for being a bit shady and unscrupulous. Customers who visit your dealership may be on edge, concerned that your salespeople will try to take advantage of them.



With personalized financing, you can show customers that you only have their best interests at heart. Explain that it’s your goal to offer financing with the best possible terms for the buyer’s financial situation.

Going Beyond Customized Financing

Want more tips for personalizing the sales process at your dealership? Check out these:

• Use personalized marketing materials that address the customer by name.
• Train your staff in personalized sales techniques.
• Use a customer relationship management (CRM) system to keep track of clients and tailor your sales pitches accordingly.
• Offer personalized test drives to show customers how a car might fit into their lifestyle.
• Send custom thank-you notes to buyers and follow up to make sure they’re happy with their new car.
  

Dealer Financing for Clients With Less-Than-Perfect Credit

Meeting your dealership sales quota can be tough, but customized financing can help you reach your goals by appealing to customers with poor or no credit.



Edge Financial Services specializes in car dealer financing for buyers with challenged credit. To learn more, call (866) 890-2415.