If you are wondering how large auto repair companies can offer financing service to their clients then you should read this article. For small auto repair shops it can be hard to allow clients to pay in terms because it will affect the daily expense and cash flow of your business. Waiting for 30 days to up to 90 days for a payment can get you into trouble. Not all your customers has the money upfront especially if the repairs are major ones. Will you just ask them to look for a different auto repair shop? Imagine the possible income you are losing because you can’t accept their mode of payment.
The answer is to get an auto repair consumer financing. It works by allowing your customers to apply for a loan with a financial company that you, the business owner, has partnered with. They will review the application, approve it, if the requirements are met and pay you in whole the same day.
Your auto repair shop will be more attractive with this feature. They no longer have to wait to save enough cash in order to have their car fixed. Offering flexible payments is something every paying customer wants. The financing company will be the one in-charge of collecting the payment from your customer.
What if the customer has a bad credit history? Will they be denied? It depends on the financing company. There are ones that offer no credit check auto repair financing. All they need is a proof that the customer has a steady job, of legal age and a bank account.
Being able to offer auto repair consumer financing brings more customer and gives you a competitive advantage. This is a win win solution for both business owners and customers.