Choosing a finance partner with strong and challenged credit programs

One size definitely does not fit all. Many lenders today have a relatively small “box” of credit criteria and are eager for you to send all the customers that fit their “box”. But what about all the customers that don’t quite fit? Where do they go? And why should you have to know what customer fits what credit “box”? Finding an equipment finance partner that can help not just your stronger credit customers, but those that have had some challenges is critical to success. Here’s why…

You sell equipment for a living, you don’t arrange and structure financing.

Put simply, you shouldn’t have to know the details of what lender can help what customer based on credit backgrounds. That puts you in a difficult sales situation. Do you really want to counsel a customer through a challenged credit scenario or negotiate the real difference in interest rate over cash flow impact? No. You want to sell equipment. So do that by staying out of the finance business. Find a partner that can handle the best, bank “worthy” customers, and also handle many folks that have had some more difficult times. This way you can hand off your customers to a trusted relationship that will handle the tough conversations from end to end, work fast and get your sale closed and paid…all without having to overinvest in finance conversations that really aren’t your strength anyway.

Today’s business world subjects businesses to swings in performance.

Ten years ago, a customer may have had the banks lining up at the door to give away low cost money. Six years ago, they couldn’t find a banker to return their call and today they’re somewhere in between. Does that mean you have to know 3-6 different kinds of equipment lenders to meet their needs over time? No. Developing a relationship with a lending partner that can help strong and challenged credits allows you to keep selling equipment simply no matter how the economic winds might be pushing the sails of your customer’s ship.

Help customers when they need help the most.

It’s easy to find a finance partner that helps the 790 credit score. While offering financing to this business owner is important to help grow sales, it’s nothing compared to the impact of helping the business owner that has recently been through some tough times. Customer loyalty is never higher than when you help someone with revenue producing equipment turn around their business when everyone else says no. And when they return to profitability, they are far less likely to go to the dealer on the other side of town over a small difference in equipment price. You were there for them when they needed you because of a finance partnership that can help them up and help them when they are on top.

At American Financial Partners, we think people are more than numbers. Far more than a credit score. In fact, we’re far more Main Street around here than Wall Street. That enables us to offer some of the most competitive financing for your strongest customers while still finding solutions for many that have encountered some challenges—all with a single phone call. So we can help you help more customers with a fast, easy finance process. And to have a program like this for your customers, all you have to do is call. Let’s talk.

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