Monthly payment options becoming more important to consumers
Posted on in Business News , Cycles News
Platforms like Netflix and Spotify are changing the way customers think about payments, says online cars for sale website Motors.co.uk.
With monthly payments now the norm for many day-to-day expenses, from mobile phone contracts to subscription based services, more and more customers are thinking about their budget on a monthly basis rather than what they have in their bank today.
More than three quarters of consumers are now using dealer-sourced finance to purchase a new car, suggesting the ability to shop by monthly budget is becoming a more important part of the purchasing process.
With this in mind, Phill Jones, managing director of Motors.co.uk says that monthly payment is the way to pitch cars. He comments "while some consumers still focus on the headline price, a growing number are taking a lead from the technology companies and considering the monthly impact of changing vehicle on their disposable income."
The same principle is successfully being applied to the cycle and outdoor market using Ride it away and Take it outdoors retail finance - the fastest growing sales tool in the trade.
Since launching last year, Rideitaway.co.uk and Takeitoutdoors.co.uk have helped thousands of people find their local finance dealer, as well as helping them to find the products to suit their monthly budget by using the finance calculator.
Showing your customers how much their purchase will cost them over 6 - 48months makes it easier to help divide the cost of a product in the customer's mind.
Current Ride it away and Take it outdoors retailers: Visit the My Downloads area to find the calculator and create your own bespoke finance options. Whilst you're there, don't forget to download free web banners!
Not yet offering finance? There are currently over 900 retailers offering finance through ActSmart's retail finance scheme, accounting for £65m of new sales every year!
If you aren't currently offering finance, you are missing out on the growing number of consumers wanting to purchase high-end products. With over 900 retailers offering the service, your customers could soon find their way to competitors who do offer the finance options they're looking for.
Ride it away and Take it outdoors are available to cycle and outdoors businesses* respectively who will benefit from:
- Free V12 set-up worth £495
- Personal support throughout the application and FCA authorisation process
- No minimum finance turnover requirement
- Payment issued by V12 same day and in your bank within 4 days
- National promotion on the consumer websites
- Access to FCA compliant POS material
- Access to web banners for use on your own website
*Acceptance by V12 is subject to terms and conditions, including but not limited to the business declaring a positive net worth and the search results of credit reference agencies.
What next?
Click here to find out more about Ride it away and request your free application pack, or contact us on 01273 427 700.
Click here to find out more about Take it outdoors and request your free application pack, or contact us on 01273 427 700.