How to Get More Approval Rate for People Applying for Financing

The way that you integrate financing into your sales process really won't drive you approval rates. And if you used it throughout your entire sales process, it will definitely increase your approval rates. If financing is used at the end of the sales process where somebody doesn't have the ability or any other resource of which to pay, you'll gonna see low approval rates. The approval rate is also tied to the population that you're offering financing. Make sure you understand what type of customers you're offering to. There are different types of customers out there. There are people that used with deferred interest. They have what they called "separation anxiety" - who don't like to parked with their own money and like to used the people's other money. It's part of their money management.

You also have another type of customers which you can call "more-budget and consumer conscious" customers. They like low monthly payments and wanna make sure they can budget and don't want to be put on deferred interest type of financing promotional offering when they may not have that money.

So the key to successfully get more approval rates in financing is to focus on understanding your customers, what their wants and needs in tailoring the financing promotional offer to them. That will help them expand their credit base across the customer demographic.

If you offer to all customers upfront and early in that sales process, then you'll see much higher results also.
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