Pre-Approval has become a popular financing tool that allows potential customers to “Check Your Rate” or “Get Approved” at the start of the sales process. This is a low friction way to continue the sales process as a minimal amount of information is needed. For example, the UGA Finance Program Pre-Approval process asks for Name, Address, Email, Phone Number, Last 4 SSN and Income Range. This is significantly less information than what is needed to complete a full credit application and the consumer is not asked to give out their full SSN. The consumer also benefits as the credit inquiry is completed as a soft pull. A soft pull, or a soft inquiry, does not impact consumer credit and is not listed as an inquiry on their credit report. This option removes hesitations and has the potential to increase sales.
How Pre-Approval Increases Sales:
Improved Lead Scoring (Who’s More Likely to Buy)
- Knowing what a customer can afford is an important aspect to your sales process. There is no reason to be pushing higher ticketed products/services when they are unable to pay for it. By giving a Pre-Approved Credit Line option, it can increase willingness to buy. When you are shopping for something in one price range, but the store approves you for well over that amount, then they are likely to start looking at those higher ticketed options. Knowing the consumers credit can really help your sales process flow towards the options that work best for your customer.
Hurdle the Money Objection
- At some point there is a hesitation to make the purchase. “Let me check with my spouse, let me think about it.” Offering financing is a great way to help a consumer with payment options. Pre-Approval is an easy bridge into a financing option as it removes the full credit application and helps first see what a consumer rate or approval amount is returned. This keeps the conversation rolling and based on the result can really help close the deal. You can stack the deck in your favor with UGA Finance as we can create programs that approve consumers that other programs can’t.
Re-Target Marketing Efforts
- Some consumers respond better to a longer sales process and convert overtime. Having Pre-Approval is another opportunity to reach out to those potential sales leads that haven’t closed yet. Having a low friction way to help consumers see financing options can be that missing link to converting those leads.
Regardless of your sales process, pre-approval can help you close more deals. To learn more about how UGA Finance can add pre-approval to your sales process contact us today. UGA Finance programs provide captive financing solutions that are tailored to your business to maximize your sales with payment options for all your consumers.