Brendan Devine, company chief executive, says: “There is a risk sales per-sonnel are not as confident in offering finance as they could be. We need to change this to ensure that every customer is aware of how dealer finance typically differs from other loan types.”
As the Finance & Leasing Association begins free online training for dealer staff, Devine adds: “We have to treat each customer fairly to ensure they understand how dealer finance can benefit them.”
Many consumers answer truthfully when asked whether they describe their credit rating as good, fair or poor. “Any acceptance will reflect this risk at an appropriate rate,” says Devine.
“The inherent security of hire purchase as a secured form of lending should mean that dealer finance can be competitive. But that rate for risk will become more prevalent in dealer finance in the months ahead.”
He says finance is a hugely important marketing tool in creating showroom traffic. The rates and speed of response available at the point of sale makes it highly attractive and convenient.