High interest rates and negative perceptions of the economy’s outlook have slowed consumer spending and heightened hesitations surrounding large purchases. That’s why it's more important than ever for your specialty dealership to guide customers through financing options to help them feel assured in their purchase. Here are three ways you can boost consumer confidence during the financing process.

Be Transparent

Honesty cultivates strong customer relationships and helps individuals feel confident in doing business with you. In fact, 60% of consumers value transparency and trust in businesses over any other quality. With this in mind, you’ll want to be upfront about the costs of packages your dealership offers, explain your warranty guidelines, and answer all their questions. When your dealership and employees act with integrity, your customers will feel they’ve bought a great specialty vehicle, found the right financial deal, and chosen a respectable dealership to conduct business with.

Provide Options

Options make people feel more in control. And with a touchy subject like financing, it’s important to help customers feel as in control as possible. Providing options allows people to choose what’s best for them instead of being forced to accept the only available offer. They’ll feel better after comparing different plans and ultimately making the final choice themselves.

Streamline the Process

The smoother your financing process, the better your customers will feel while making a big purchase. Hiccups during an important decision can make people more hesitant to commit to a final purchase. An unorganized and difficult financing process could be interpreted as a sign not to buy. Even if customers aren’t deterred completely from purchasing the product they’re interested in, they may hesitate to buy additional aftermarket accessories or choose to fulfill the purchase with your competition if operations aren’t running smoothly.

You can mitigate the risk of dissatisfied customers by using a comprehensive DMS platform to streamline every step of your business. Through this technology, your dealership will gain access to integrated partners that connect various steps of the buyer’s journey. For example, customers can get preapproved for loans before they even step foot in your dealership, increasing the likelihood of a visit and a finalized purchase. Additionally, you can connect customers with insurance providers during the sale, which alleviates some of the post-purchase steps for your customer.

By leveraging digital tools and a network of partners, you can increase efficiency throughout your finance department and give customers a smooth and painless experience.

With a little bit of extra effort, you can make the financing experience less daunting for your customers. Remember to be transparent, provide options, and streamline your operations. As a result, you'll witness your customers’ confidence and satisfaction skyrocket.