Five Tips to Add Equipment Financing to Your Sales Toolbox 

Successful salespeople know the importance of utilizing the right tools to close a sale. For example, they know their customers and have built a solid relationship with them. By understanding exactly what their customer wants, the salesperson can offer the right equipment. But before the agreement is complete, there is still an important question left to answer. “How do you plan to pay for your equipment?” 

This question – often left to the end of the negotiation – puts the pressure on the customer to figure out how to pay for the equipment.  If they don’t know you offer financing, they could start thinking about other options. Don’t lose the sale without taking advantage of the benefits of offering financing.

• Emphasize the flexibility of financing and introduce any promotional programs: Equipment financing can be easily customized to meet the needs of your customer. Whether it’s a seasonal payment structure or flexible terms, there are options that bring value to the customer and can help you win the deal.  “Utilize your manufacturer's low rate or standard rate options,” Jesse advises. “These are competitively priced and designed around the current market. Most of these are available at no cost to your dealership.” Additionally, leasing provides options that can help your customers improve cash flow and conserve their capital.    

• Highlight the ability to maintain borrowing capacity: Without financing through you, your customer would likely employ their existing credit line or get a new loan from their bank to buy the equipment. They benefit from your financing because they can keep their other credit lines available for an emergency or even a different purchase to help their business. Not to mention that this saves them time because it can be a burdensome process.   

• Obtain a completed credit application: Some customers like to shop around and aren’t serious about purchasing equipment. The best way to mitigate this concern is to have them fill out a credit application. This increases their level of commitment and helps ensure that your time is being well spent in working with them.   

While it may seem uncomfortable at first to employ financing as a sales tool, you have resources available to help. The Equipment Leasing and Finance Association (ELFA) has information and tools online to help you leverage equipment financing and grow your business. And remember you don’t have to be an expert yourself. You have DLL to help. Our sales teams can provide training and materials to help you close more deals.  

“The DLL sales teams have years of industry experience,” Jesse says. “They have seen it all over the years. Contact DLL anytime when you need that customized transaction for your customer.”