Customers often say they’ll find their own financing, and some of them already have options lined up, but most customers won’t. They won’t be sure who to turn to, and that could lead them into loans that have bad terms or that don’t give them the flexibility and buying power they really need. You can help, by steering customers toward a trusted direct lender and not encouraging them to find their own financing.
Don’t wait to get financing for your customers.
Even if your customers aren’t ready to buy or lease just yet, talking to them about financing is a good choice. That way, the financing they need will be in place when they get ready to purchase. They may even buy equipment sooner if they see that the money is available to them. Sometimes, a company puts off making a decision about new equipment financing because it seems like it will be a hassle. The easier you make it for your customers, the more likely it is that they’ll go ahead and make the purchase instead of waiting. A good relationship with a finance company can help facilitate that.
Assuming a customer will find their own financing can hurt a sale.
Customers who say they’ll find their own financing probably do intend to do that. They mean well, and they understand the importance of good financing. They may also think they can get better rates if they shop around, or they have a preferred lender they’ve worked with in the past. While you can’t force customers to use your lender — and you certainly don’t want to be too pushy — encouraging them to see what your finance company can do for them could help you make a sale. If you can show them that your lender has good rates and terms, they might decide they don’t need to select a different one — and that could help the sale move forward faster.
A direct lender is a great option.
For the vast majority of customers, a direct lender is the right answer. By working with a direct lender, your customers can get good terms, a lender who understands the nuances of equipment financing, and professionals they can trust to help them if they have questions or concerns. That gives those customers another person to rely on in addition to you, and can mean the development of a better relationship between you, your customers, and the finance company.
There will still be some customers that insist on finding their own financing and you can’t control that. But by providing customers with a good option and service they can count on, you can build trust and keep them as customers for a long time to come.