Customer Financing

[UsedTireShop]

I offer customer financing through Paramount payment. I really like them but they are getting harder to use because they require that my customers have a check. So many people do not use checks anymore.

Can anyone recommend a finance company that does not require checks?

 

Jeff

[mspecperformance]

Synchrony or CFNA provide private label financing/credit with 6-12 months interest free. They have to apply just like a credit card. We offer both and its definitely helped for those customers that need it.

[mmotley]

+1 for synchrony. It's called 'Car Care One' here. It's helped make a few sales customers may not have been able to approve at the time without it. Downside is they take a small percentage. 3% I think

[bbosselait]

We have synchrony and cfna. Sychrony is great for those with good credit and cfna is great for people rebuilding there credit

[GeeZ]

We tried to use GE Credit 3 years ago, but the people who needed it didn't qualify. Of the half of dozen or so we tried only 1 actually qualified.

[TheTrustedMechanic]

We tried to use GE Credit 3 years ago, but the people who needed it didn't qualify. Of the half of dozen or so we tried only 1 actually qualified.

GE Credit is now Synchrony Bank. I was told the same thing by a local shop manager I'm friends with. Those who could get approved already had multiple credit cards in their wallet, they simply wanted the Same-As-Cash financing. Also at that time the percentage charged to the merchant was much higher. Now it's just a little more than regular credit card processing.

I am a NAPA AutoCare Center and Synchrony is pushing their NAPA EasyPay (NAPA's version of CarCareOne credit). My only hang-up is they want MY social security number. They are not extending me credit, they are simply establishing an account for the business, so they can use the business' identification number not mine, right? NO! They demand my Soc.Sec. No. so I told them to stuff it. No officer of a large organization is going to give up their Soc.Sec.No. on behalf of the company, I should not have to either. It is not me who is receiving the credit, it is the customer. My credit report and score will NOT be impacted so Synchrony can make more money.

[Maria Garcia]

 Yes, offering customer financing can help you make larger sales, make sales more often, and increase customer loyalty.