How to Deal with the High Interest Rate Objection - PART I
Welcome to Sales Consultant Success Tips.
This is PART I of 2.
Many customers will have concerns or object to the higher interest rates on new and used vehicle loans. The following rebuttals may help you with this challenge:
Rebuttal #1 } WE DON’T SET THE INTEREST RATES
We don’t set the rates. If you went the bank and said that you weren’t happy with the higher interest rate on your mortgage, they would be sympathetic, but there isn’t much that they could do for you. The rates are based on the Bank of Canada. The same goes for a new vehicle loan. Interest rates are not set by the manufacturer or the dealership. They are set by the Canadian chartered banks. We all get our money from the same place. Maybe we could focus on choosing a payment option that fits your budget.
Rebuttal #2 } DON’T FORGET YOUR TRADE-IN
Yes, the interest rate is higher, but so is your trade-in value. Used vehicle prices are at an all time high. Your increased trade-in value will make up for the higher interest rate and will produce a payment similar to what it would be if the interest rate were lower. You might be losing a little on the interest rate, but you are gaining much of it back on the trade-in value. Let’s focus on how affordable the payment is for you.
Join me for PART II of: How to Deal with the High Interest Rate Objection
Also consider joining us for our 1-day New Age Negotiating and Closing Workshop or our many other Sales Consultant Professional Development seminars and workshops.
I’m Hector Bosotti with Wye Management.
