Capital Solutions
Deal Of The Week
Dealer Wants His Customer Pre-Approved
The Problem: Dealer Has A Customer With Bad Credit - Wants To Know He's Approved Before Locating A Truck
How many times have you worked with a customer for hours only to find out you can't get him approved for financing? This is a common problem and one that can be avoided. This dealer was smart. The customer told him he had shaky credit so the dealer sent him to us to get pre-approved. This avoided all the common problems related to financing:
- You don't know how much a customer can get approved for until after you submit him
- You don't know IF he will be approved until after you submit him. This is usually after you've spent time showing him trucks, etc
- Time wasted that you could be spending working up other business
Getting a customer pre-approved also helps "close" the customer. When he knows he's approved you can better lock him in on a truck.
The Solution: The Dealer Sent The Customer To Us Before Picking Out A Truck For Him
He didn't invest any time in this customer. He sent us the deal first on a Monday afternoon and had an approval on Tuesday. Here's what we accomplished:
- The dealer knew he had a customer with a hard approval
- We approved the customer for as much as possible. This way the dealer knew in advance how much he could sell him
- Having the customer approved helped the dealer close the deal. No other dealer had him approved for financing
This is a great example of how financing can be used to help increase volume. Some of our vendors will also place "Bad Credit Okay" buttons on their website to get more pre-approved customers.
Yes, we can help you with your bad credit customers. But we also want to help you increase your volume.