đ11 days faster.đ Thatâs a number every equipment dealer needs to know.
- Equipment deals that include financing options close 11 days faster on average compared to cash quotes for the same equipment.
Here are 4 reasons why financing creates momentum that cash purchases don’t:
- Cash purchases are big financial decisions, triggering, deliberation and second-guessing. (How often do you hear, âLet me think about itâ?) Small monthly payments feel much more manageable and low-stakes, despite the term commitment.
- Cash decisions trigger loss aversion. Parting with $35,000 in cash, even for badly needed equipment, feels like a significant hit to an entrepreneurâs income. Committing to $945 per month feels like a reasonable business expense. Managing buyer psychology encourages faster decisions.
- The application process anchors commitment: Once a customer applies for financing, they’ve already begun investing their time and attention. Theyâre less likely to back out because they donât want to lose the work theyâve already put in.
- Approval provides external validation. A financing approval tells customers, âYouâre approved; this fits your budget; you can do this.â Having that third-party validation reduces uncertainty and accelerates the final decision.
đĽ The big takeaway: Donât just think of financing as an affordability tool. Think of it as a sales accelerant for every deal.
- Try this: Offer TimePayment financing to every qualified customer, and you’ll find your average closing time decreases even among customers who could pay cash.
- Remember, TimePayment is the fastest way to âYes.â With an easy application process, a wide credit window, and instant approvals for qualified deals under $25K, TimePayment makes financing decisions simple and speedy. Sign up now for premium financing options from TimePayment.
Source: Proprietary 2025 Sawbux Marketing survey