Shoppers are excited about having more options than ever when purchasing a car. So much so that they tend to select the vehicle of their choice, then figure out how to afford it. But one aspect of the car buying process continues to make them feel overwhelmed: vehicle financing. This sentiment has been exacerbated amongst a diverse range of consumers, due to the pandemic. Many worry they won’t qualify for financing because of reduced income or job loss over the past 18 months.
Despite the intimidation factor, a substantial number of consumers still plan to seek financing to pay for their next vehicle. And that’s where you can come in. Demonstrate that it’s okay to learn as they go. As a trusted resource, you can use tailored marketing efforts to help demystify the financing process. Add to that competitive financing options that provide financial flexibility and digital tools, and you can support consumers in making an assured purchase.
Promote post-pandemic offers
As some shoppers continue to face financial uncertainty, they remain focused on affordability and staying within their budget when buying a vehicle. So not surprisingly, auto financing with low rates and/or low monthly payments is important. Customers will likely shop around — getting quotes from their current bank, local banks, online banks and credit unions — to find the best financing deal to keep their payments where they want them. They believe dealerships offer good deals, and you can earn their trust by demonstrating your commitment to providing affordable financing options.
Tailor your communications to highlight incentives like 0% APR financing and extended terms in your marketing. You can also help your customers understand the different financing options they qualify for by doing the math for them so that they can get a clear picture of how their obligation may differ monthly and over the term of the contract depending on which option they choose. Taking advantage of available financing incentives can help your customers reduce some of the stress that may come with managing a vehicle payment, especially if they’ve experienced a recent reduction in income.
Pro tip: Help your customers understand the full cost of owning a car. Make sure they have a clear understanding of the total amount by factoring in the cost of insurance, potential fees, and finance charges. Ally Auto’s monthly payment calculator can help give them a better idea of what they’ll be paying each month.
Customers shouldn’t have to choose between purchasing a car that can transport them to work and to visit family and other financial obligations. On social media and in digital correspondence, emphasize how 0% or low rate financing can help customers who qualify keep their savings in the bank in case of emergency.
In your dealership marketing materials, you can position auto financing as a convenient way to own a vehicle that can limit significant financial burden or disruption. On social media and in digital correspondence, emphasize how a no or low finance charge can help customers keep their savings in the bank in case of an emergency. You can also point out that regular monthly installments can help give them the freedom to spend on vacations, furniture, and other financial goals instead of putting all their money towards buying a car outright.
You can help to further alleviate consumers’ concerns about the financing process by working with an auto financing provider like Ally that streamlines the entire process with its use of smart digital tools. For instance, Ally provides an innovative, automated finance decisioning system that processes applications (on certain tiers) without requiring human review and can extend an offer all on its own. Not only does this approve a customer faster than traditional methods, but it also enables your dealership to make decisions faster and saves time for your insurance and finance departments, too.
Pro tip: With recent job loss leading to an increased interest in entrepreneurship, many of your customers may be entrepreneurs and need answers about financing choices, fast. Ally Auto Business Vehicle Financing gives your customers with their own businesses the ability to compare financing options side by side.
For some car buyers, the stress of vehicle financing doesn’t end once they’ve decided on how they will pay for their new vehicle. To help boost their financial confidence, encourage them to regularly access their account online using the Ally Auto app. With it, they can check their payment status and set up monthly or one-time payments from their checking or savings account — which can help them avoid having a missed or late payment.
The best route
To stay connected with your customers, it’s essential you remain in the know about what’s on their mind. This is particularly true when it comes to vehicle financing. Consumers believe dealerships offer good deals on cars, but you must showcase your commitment to making that happen for them. Help them sort through their financing options to demonstrate how a car payment helps them to build equity in a car while also working toward their other financial goals.
Are your customers looking for vehicle financing to support their businesses? Learn more.