Our world has changed tremendously in just a few short months. Business owners who have never financed before or have only used their banks will be looking for alternative finance options – one thing everyone has learned – CASH IS KING – conserve it.
Equipment vendors NEED to offer financing – now more than ever! A partnership with a reliable and experienced finance company will provide that competitive edge that everyone is looking for! The competitive environment for manufacturers, vendors, and dealers is going to be intense. Offering a finance solution might be the catalyst you need to close the deal. Don’t let these 4 old attitudes hurt your equipment sales:
- “We leave the financing to the customer”
-Nearly 6 out of 10 business owners secure their financing at the dealer.
-Business owners are 3 times more likely to buy from a dealer that offers a finance program over one that doesn’t.
- “My customer would rather get financing from their bank.”
-64% of business owners prefer to finance equipment with an equipment lender versus their bank. Also, in today’s banking environment, banks are taking more time and slowing the process down.
-Banks fund dealers an average of 23.3 days later than equipment specific lenders.
- “We never lead with a payment.”
-9% of commercial equipment sales teams lead with a payment.
-69% of business owners value payment over purchase price.
- “Equipment Specs and Brands are more important than price.”
-63% of equipment sales teams believe asset specifications and brand are the most powerful points in the decision to buy commercial equipment.
-11% of business owners believe asset specifications and brand are the most powerful points in the decision to buy commercial equipment.
-84% of business owners look to price/payment as more important than asset specification and brand.
Don’t let old attitudes about finance hold you back. At Red Thread, the only thing old school about us is how we treat people. We break down the walls built by years of big, impersonal lending experiences offering more choice, a smarter approach, and better results. Our world is different and we must change and adapt for the better!