an easy to use online system so that you
can tell your customers exactly what
their payments will be and how long it
will take to pay off their loan.” Giving
your customers this certainty allows
them to plan their finances better than if
they used a variable rate line of credit. As
well, this gives the customer the opportunity to keep their line of credit open
for emergency purchases.
Secured loans are designed to correspond with the financed asset. That
means the customer will have the loan
paid off before the asset fully depreciates. Tracy Williams points out that with
a loan from GE Money, “Customers also
have the option to make additional payments or pay the loan out early without
any penalties.”
Customers who have a large sum of
money saved up to make a purchase can
also benefit from financing it. For example, if you choose to finance your customers’ purchases through GE Money,
you have the option of offering a 6-
month no payment, no interest period,
which allows your customers to hold
onto their savings for a longer amount of
time. Unlike a traditional line of credit
from a banking institute, using a financing program that has been designed
specifically for the products you sell
means that you’ll also usually earn commission from your loan provider.
Williams suggests, “Using a program like
the one we offer at GE Money can benefit both you and your customer financially. You’ll earn a commission rate that
corresponds with the loan amount,
amortization period and APR. Offering a
no payment, no interest period to your
customers gives them the opportunity to
earn interest on the money they would
have spent if they chose another method
of payment.”
When customers make a big-ticket
purchase, they want to feel confident
they made the right decision. One way
you can help to create a worry-free purchasing experience for your customers is
by offering them extra protection on
their asset. For example, an unexpected
life situation, such as getting laid off,
could pose a threat to being able to cover
all of the monthly bills. Encouraging
your customers to use your in-house
financing program as opposed to their
line of credit may provide them with the
option of insuring their investment to
protect against unexpected life challenges such as job loss or sickness.
When you add extra protection to the
loan for your customers, you add extra
income to the loan for yourself.
With a secured loan, your customers
will have a specific payment plan, which
will let them know exactly how much
interest they’ll pay during the term and
make it easier for them to create a budget. Your customers can gain by relying
on a financing program to set up their
