To sell big ticket items like capital equipment, there is no need for you to take the liability on. A better option may be for you to establish a relationship with a financing company. Your customer benefits from the ease of financing and you can be involved in the process, so you don’t have to send a customer away and wait for him to get approved.
Companies like Everlasting Capital (everlastingcapital.com) offer for financing what Expedia.com offers for travel. It gives your customers options.
A dealer can establish a no-cost account with a company like Everlasting Capital and process a customer’s application over the Internet. Customers can choose from a menu of financing options based on their preferences and credit rating.
It takes from a couple minutes to approve the average purchase under $10,000 to a couple hours to approve most purchases over that amount. Everlasting Capital offers financing options for anything from capital equipment for shop owners to personal equipment for a technician, according to company president Josh Feinberg. The minimum financed amount is as low as $500.
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