There are companies that want to finance these people’s appliance purchases. Many of them are subprime lenders and are willing to take on people with poor, little, or no credit. Not everyone gets approved but plenty do. This gives you access to this low-income market that you did not previously have.

The actual note and collection is between the finance company and your customer purchasing the appliance. The appliance company pays you within a few days of the sale. You are not loaning your customers anything. If there is a default by the purchaser it remains between them and the finance company. You are out of it. You do want to check the conditions of each individual finance company.

Not only do you gain access to a large group of new prospective customers, you can use the process to maximize profit margins. Customers like to haggle over every dollar when purchasing big ticket items like appliances. Approval and monthly payments are the major focus when dealing with appliances being financed. You can set the amount to be financed at a level that gives you a good profit.

Appliance and furniture stores used to have a full-blown finance department with multiple employees and lots of overhead. All you need now is a basic computer and printer. Training is easy and most of the companies offer easy access support.

You can now operate your appliance department or store like a large company and offer your customers easy access to on-the-spot financing with minimal investment in equipment and staff. Tap into the huge sup prime market and take your appliance store to the next level.