How to Lock Out Your Competition With Same-Day Credit Approval

Situation/Problem

Your customer has decided to buy your equipment. They tell you that they like you and the equipment but they need time to decide how to pay for it. You get so excited you've even mentally spent the commission!  But, when you called a few days later your customer tells you they decided to buy from your competition. 

Then the age-old sales adage sinks in, “Time kills all deals – even good ones!”

Answer/Solution

Customers feel the need to comparison shop. At the same time, most people will honor the commitments they make. So add one more level of commitment after they say they like you and your equipment and follow that up by adding “but I need to……”

If they say “but I need to — “ be prepared to offer solutions that keep them from moving away and into the danger zone.

Respond with a commitment statement:

“We can get you prequalified in less than two hours by having you complete an Express Request Application. The app takes only 5 minutes.

That way you have a finance option already in place that eliminates that decision and provides leverage for you regardless of how you ultimately decide to pay for the equipment.

Before I let you go let’s take 5 minutes and run through this, ok?”

Wrap up the sale as soon as you have a verbal commitment by gaining a financing commitment. Chances are even if they do comparison shop you they will not want to go through another financing approval with your competitor.

Customer Benefits

• 2-hour credit decisions means they don’t waste time securing financing.
• No prepayment penalties so that your customer can pay off the equipment early if they decide a loan isn’t right for them. 

Your Benefits

• Close your sale the same day as your appointment – the competition doesn’t have a chance to steal.

• A 2 hour credit decision means your follow-up call is congratulatory rather than a status update.

• You lock out your competition and close your sale the same day as your appointment.
• 2 hour credit decisions means your follow-up call is not about where they are at, it is “Congratulations, you are already approved and we can deliver your equipment.”
• Same-day document delivery means we can issue a Financial Approval Notification the same day.
• Same-day loan funding via ACH means you get paid sooner.

Contact Mike today to request a Financing Express Application to share with your customers. We'll customize it with your contact information and you can start wrapping up your sales today!