Growing sales with the more challenging credits.

When equipment dealers get a tougher deal done for a customer it’s a pretty great thing. You’ve helped a customer in a challenging circumstance get the equipment they needed and built the road for a long-term relationship. But far too often, dealers pass on tougher deals because it’s too much work and they don’t have a consistent business lender that can deliver the goods.

That’s probably just silly.

Dealers have to be able to accommodate a wide variety of credit circumstances, not just the easy application only customers. So when a tougher credit with a story walks into the office & you need underwriting expertise … it’s time to seek an experienced “story credit” lender.

Here are 5 recommendations for success in that search:

• Taking the work of a full documentation, tougher deal off your desk. Working these deals can take time. They can require more documentation and a deeper look at business issues. You need a real professional, transparent system that gets the job done while freeing you up to help the next customer.
• Getting the story behind the application. To effectively underwrite and close challenged credits for dealers, the lender must make an investment in the story of your customer, before investing in the equipment of their business. The dedication to speak to the customer behind every opportunity is critical to success.
• No 2nd class citizens. Just because a business owner has had a few credit challenges, doesn’t mean they should feel judged, put down, or in any way inferior. Most people and businesses have had a few bumps in the road, so freeing the owner of that derogatory feeling should be a staple of their customer service model.
• Transitional Funding. A great challenged credit lender works to find a way to help today, but has a long-term focus that positions the customer for success tomorrow. Ideally(,) the lender can accommodate this customer‘s improving credit circumstance with improving rates & structures.  It should be all about a long-term relationship view.
• Trust & Transparency. Dealers have to know that upon introducing their customer, their valued relationship will be protected, they will always know where things stand in the process and they can trust the lender to deliver results in a way that enhances the customer experience.

At SLS, we think tough deals shouldn’t be tough. In fact, we give dealers the opportunity to have access to a finance programs for challenging credit circumstances that accomplish all of the above. Working as an extension of your team to help work with the customer, we dig deep for the story and create a solution. We, of course underwrite and approve the easy ‘A/ B’ credit composite as well.  If you ever want to talk about how to grow sales through tougher deals with a story, give us a call.