Are you searching for ways to attract more customers and boost business at your car dealership? A wide selection of vehicles, a talented sales team, and a convenient location will only get you so far. Your best next step could be to set up in-house financing for the cars on your lot.

Searching for a new car and finding the right deal can be challenging for many prospective buyers. It's especially difficult for people with bad credit or no credit who have to worry about their credit score for financing a car. Financing for car dealers can simplify the process and help your dealership stand out from the crowd. 

Three Keys to Setting Up Financing at Your Dealership

Setting up in-house financing is a major decision for many car dealerships. Adding a finance and insurance department can increase sales, but it can also hurt your company if you don't establish it correctly. You'll want to think through multiple factors and follow a few practical steps before advertising in-house financing at your car dealership.

Determine What Financing Options You Want to Offer

Before you make an offer and present financing options to the buyer, you need to decide what those options are. It may seem like a no-brainer, but it's an essential step that you cannot overlook. 

Credit reports and auto loans vary from person to person. One customer may have a completely different credit score for financing a car from the next. You'll want to provide various financing products to suit each buyer's preferences and needs. 

Here are two easy ways to determine which financing options you should offer:

• Analyze the competition: Do other car dealerships in the area already provide financing for vehicles? Learning about their financing products can help you decide what to offer. 
• Consult auto lenders: The providers you contact can also direct you in terms of monthly payments and financing. Feel free to ask for advice and which options they would recommend.
  

Choose the Right Lending Partner

Finding a lending partner can be a difficult task in itself. You want to choose a reputable company that offers the services you and your customers need. However, you may feel overwhelmed sorting through all your options.

Local banks and financial organizations can offer more personalized assistance. On the other hand, major credit bureaus can typically offer better deals and more reliability. At 1803 Capital you'll get the best of both worlds; we offer flexible auto financing options you and your customers can count on.

Choosing the right lending partner could be the difference between years of success and overnight failure. You need a company you can trust, and your customers need a dealership that works with their credit score for financing a car.

Enhance Your Finance and Insurance Department

The finance and insurance department is the heart and soul of car dealership financing. Your F&I team knows all the ins and outs of the auto financing world and can facilitate sales that benefit you and the buyer. That said, bolstering your F&I department is essential to setting up in-house financing.

Take a moment to visualize your finance and insurance team. Who is the team manager? What education, experience, and credentials do they have? Do they have the skills and know-how to help your department grow?

Optimizing your F&I department starts with the team leader. You'll want someone who will help your dealership grow and grow alongside it. With knowledgeable, talented staff behind your financing options, you can increase the number of sales and see customers walk away satisfied.

Get Help Setting Up In-house Financing at Your Dealership

If you're looking to set up car financing at your dealership, look no further than 1803 Capital. Our experts can help you learn about credit score for financing a car and discover which auto financing options work best for you. Contact us today to get started with our Auto Dealer Partner Program!