Seeing the continuous surge in the number of vehicles, we expect revenue and profits in the automotive repair and services industry to go up. Research by Future Market Insights predicted a double-digit annual growth rate from 2015 to 2025. And why not? When both vehicle demands and production are increasing across emerging markets.
But just as with any industry, merchants in the auto repair sector need funding to back up their reserves. And being a high-risk niche, getting reliable sources of funding remains a challenge.
In the United States, the automotive repair and services industry holds nearly 160, 000 establishments which make up 105 billion in annual revenue. However, without a dependable auto repair finance program, your clients can’t be confident they’ll enjoy affordable repairs every time they want to. Any entrepreneur who chooses to explore this space should spend time looking for a trustworthy business loan provider. Only that way will you best meet your business financial needs all the time.
For such spaces, it makes more sense to work with a lender who understands and provides for all your industry’s needs. Top-rated automotive repair financing companies should offer the following and much more: MCAs, High-Risk Business Funding, ACH Programs, and Consumer Financing, as well as Auto Repair Consumer Finance.
Auto Repair Consumer Finance
Auto repair consumer finance programs enable merchants to sell reasonably priced services, entice more clients, and increase sales. This new-age form of financing is beneficial in many ways as it allows repair shop owners to attract more customers by helping clients pay for services and products at a more affordable price.
For instance, First American Merchant offers an auto repair consumer finance program which permits the shop owner to break down a customer’s total cost into small, affordable per-month payments. Paying in installments is a much easier option for customers who prefer to pay in bits or can’t meet the full cost of a product or service on the same day. As a result, your shop becomes more competitive in the market.
What Are Other Features of an Excellent Auto Repair Consumer Finance Program:
- Should entail a simple online application procedure that gives credit decisions almost instantly
- Should easily incorporate an online financing option into your auto repair website or online shopping cart
- Should offer as low borrower interest rates up to 6.00%
- Should place no minimum loan caps
- Should integrate multiple lenders into one platform to boost up your approval chances
- Should offer steadfast customer support
- Should have online systems that accept electronic signatures
- Should include several 0% interest P.R. offers for borrowers
- Should pose no risk to your repair shop by offering competitive discount rates to merchants.
- Should consist of paperless application
- Should have No merchant requirements
Wrapping Up
Auto repair consumer finance is an excellent way to provide your clients with the purchasing power to complete the auto repair or maintenance service they need. This financing has high approval rates and competitive interest rates which will allow you to run your shop as usual, while retaining clients and expanding your customer base.