Posted by u/no_finance_yet
Should we offer financing on installs?
Answered by Ask a Shop Owner ·
Never offered financing. Customers keep asking. Worth it?
u/askashopowner Owner-operator advisor
Top answer
Yes, immediately. Financing (GreenSky, Synchrony, Service Finance) raises average ticket 20% to 35% because customers stop shopping the price and start shopping the monthly payment. Close rate also goes up.
The dealer fee is 6% to 12% of the job. Bake it into your price. Do not eat it. Every install price already includes financing costs whether or not the customer uses it.
Offer three payment options on every proposal: cash, financing with monthly payment shown, and a promo (12 months no-interest). Customers pick a payment more often than they pick a price.
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