The Benefits to Boat Dealership Financing
With Americans placing a high value on recreational entertainment, the boating industry is expected to keep booming. This is great news for dealerships. As a marine dealer, you are likely always looking for ways to increase the profitability of your business. The truth is that boat dealership financing comes attached with many benefits, some more obvious than others. Let’s look at a few of the numerous advantages of offering financing to your customers.
Increase in Sales Opportunities
Offering financing can increase sales opportunities for your dealership. More individuals will be able to afford marine products with financing available to them. Since this is the case, your target market will increase. Additionally, some customers prefer to only purchase from dealerships that offer an easy financing option, so you will no longer be losing these customers to competitors.
Larger Purchasing Power
If customers are approved for financing, this often means that they will also have larger purchasing power. With the option for terms ranging from 60 months up to 240 months depending on the amount financed, this purchasing power can lead to your customers making larger purchases that they would otherwise be unable to afford. Plus, special financing offers, such as no interest financing if paid within a shorter period, can also encourage customers to raise their purchase size and be a valuable marketing tool for your dealership.
Greater Flexibility for Customers
Customers may obtain more affordable and flexible terms with financing. They can pay off the loan in small amounts gradually, rather than being required to pay a large lump sum upfront. However, as the dealer, you would still receive the entire payment directly. Many customers appreciate this feature of financing, as it allows them to put money aside for other costs, such as investments or unplanned emergencies.
Moreover, some customers will have limited or no credit history. Financing their purchases may help these individuals get a head start on building credit and assist them in qualifying for other financing offers in the future. For those with subprime credit, non-prime financing options are available to serve these customers. Making timely payments on a loan can greatly assist these customers in rebuilding their credit history.
Quality Boat Dealership Financing
Medallion Bank specializes in helping recreation dealerships finance customers with past credit challenges, including bankruptcy and other credit issues. With our fast, simple, and easy non-prime financing, we help marine dealers close more sales and serve more buyers. We provide loans for new and used boats 15 feet and larger & outboard engines, according to NADAGuides. If you are interested in partnering with us, contact us today.