Choosing the Right Auto Financing for Your Customers
While offering auto financing through your dealership isn’t required to sell inventory, it gives you the advantage of providing a convenient service to your customers during the car buying process. Many dealerships work with third-party lenders and finance companies to arrange auto financing for customers in needing financing to purchase a vehicle.
Arranging auto financing through your dealership
While you may work with banks and other finance companies to obtain financing for the consumer, your role as the dealer is to ensure you are setting up your customers with financing options that align with your customers’ credit score, budget, employment status, etc.
Credit Acceptance is an indirect auto finance company that works with more than 12,000 independent, BHPH and franchise dealerships across the nation to approve subprime and nonprime car buyers for financing to purchase a vehicle. After submitting your customer’s credit application into CAPS®, our proprietary credit approval processing system, you can generate an approval on every new or used vehicle in your inventory for every customer, regardless of credit history. We also provide same-day funding with eContracting. Learn more.
Educating your customers on the auto financing process
A common misconception many car buyers have about getting financing through a dealership is that the dealer handles all aspects of financing, including collections and other servicing functions. Unless you’re a BHPH dealership that provides and services in-house financing, it’s important to make your customers aware of the lender or finance company that will collect their monthly car payments.
If you’re a franchise, independent, or BHPH dealership looking to increase your market share and profitability, Credit Acceptance can help. To enroll in our program, fill out the form on our website.