Point of sale financing is a powerful tool to have at your disposal during any discussion surrounding budget. Its core benefit? It increases your customer’s buying power. If your customer has a kitchen reno or appliance on their list of needs, financing gives you the power to propose the renovation or appliance they’ve always dreamt about. The big question is: What is the best way to leverage financing when you’re proposing a project upgrade?
The big question is: What is the best way to leverage financing when you’re proposing a project upgrade?
1. Let the low monthly quotes do the talking. Present multiple options.
When you’re presenting a quote, lay out multiple financing options. If the options are crystal clear, your customer will understand how a slight monthly increase will result in the upgrade they’ve always wanted.
A standard kitchen reno will cost $15,500 or $159 per month.
However, a reno with significant upgrades will cost $25,500 or just $260 per month.
A simple comparison like this underlines the benefits of a financing in a clear cut way, maximizing the close rate of your sales. And don’t hesitate to illustrate what a slight increase can afford your customer. Concrete examples are key: “$30 more per month will get you a Corian countertop, while $50 more per month will get you granite.”
Concrete examples are key: $30 more per month will get you a Corian countertop, while $50 more per month will get you granite.
2. Flip the script. Start with a max monthly budget.
Establish your customer’s maximum budget for any given month and then work backwards: lay out project options within those limits. If you start with a monthly budget before revealing the final price, it will reduce sticker shock and emphasize the purchasing power at their fingertips.
Again, it always helps to highlight what a slight uptick can afford them. For example, if their monthly budget is $200 they can afford to spend $20,750 – but a slight bump to $300 per month increases their purchasing power to $31,250.
3. Pair financing with a promo program to close on the spot.
Financing is a powerful tool on its own, but when it’s paired with a promotion, like one of Financeit’s “No interest & No payments for 3 or 6 months” options, you’ll have the flexibility and the competitive edge to close a project upgrade on the spot.
Remember, all of these solutions are available at the click of a button with Financeit – you can arrange financing and promotional programs from any device, at any time. Financing isn’t just a payment option, it’s a simple, effective way to coax a customer off the fence and close bigger sales, faster. Sign up and get started now!
For informational purposes only. All quoted amounts are based on the current applicable Financeit interest rates, over the term and amortization period selected by the Dealer. Subject to credit approval.