Education expenses, the vacation of a lifetime, new furniture for your home—financing for personal needs such as these is fast and convenient with a consumer installment loan from Capital City Bank. All you need to qualify is a good credit score, steady employment, and a stable income.
When you discuss consumer loans, do the following:
Discuss Features and Benefits
In order to feel comfortable selling products or services or even referring individuals to CCB, it helps to know what the product or service is (feature) and how it helps individuals (benefits). Below are the features and benefits of consumer loans.
Features
- Flexible terms structured to the borrower's income
- Quick, hassle-free application process
- Free automatic payment deduction from your checking account
- Finance your personal needs without dipping into savings
- Same-day approval for most loan applications
- Secured and unsecured loans available
Benefits
- Pay off high-interest credit cards with a possibly lower interest rate
- Receive the funds in one payment
- No-one will know you borrowed money
- Helps build/establish credit
Identify Opportunities
Always be on the lookout for clients who may benefit from a consumer loan. Below are examples of prospective clients.- Clients looking to make auto repairs
- Clients wanting to consolidate credit card debt
- Clients wanting to take a vacation
- Students who need to pay school tuition
- Someone needing new furniture
Discover Client Needs
Before you recommend a product or service to a client, prospect, family or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
- What are some ways you see your financial situation changing?
- Do you anticipate having any borrowing needs in the future?
- What do you plan on using the borrowed funds for?
- How much money do you anticipate needing?
- When do you anticipate needing the funds?
- What type of loan products are you interested in?
Here are some common statements you may hear from clients:
- "My car keeps breaking down! iI needs a new transmission and I don't have the money right now to fix it."
- "Geez, my bathroom is so outdated! I have been thinking about repainting and decorating it."
- "My son is graduating from high school this year! I can't believe how fast time flies!"
- "We are looking to take a vacation to California this summer."
Non-sales Associates
If you don't feel comfortable with credit product information, but are working towards your Take it to 10 goals, don't focus on a specific product. Instead, ask if the client is interested in applying for a credit product at CCB. To do this you might say:
I work at Capital City Bank and we offer credit products designed to meet your banking preferences, including consumer loans. Would you be interested in learning more about them with an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to start making recommendations that align with their goals or likes and dislikes.
Sales Associates
Below are examples of what you might say when recommending a consumer loan after having used the qualifying questions.
I believe a consumer loan would be best for your needs. I understand your car keeps breaking down, and it is hard to come up with the money for your transmission. If you apply for a consumer loan, and you are approved, you can have that money as soon as 24 hours. Would you like to complete the application?
Non-sales Associates
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
I recommend Capital City Bank, not only because I work there, but also because it is a great place to bank. We are a strong stable community bank with a variety of personal and business products and services. I would be happy to connect you with a friendly banker who would be willing to help you find the credit product for you.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of loan product objections and suggested ways of responding.
Sales Associates
Client Objection: "I'm not sure if I want to have a loan."
Feel: I understand that you may be nervous having a loan.
Felt: Many of my clients have felt the same way.
Found: Applying for a loan is a big step, but having to purchase a new car is even bigger. If we can get you approved, the loan amount will be a lot lower than if you had to buy a completely new vehicle. Our consumer loans have a term of up to 60 months, depending on the amount being borrowed, so that should help with the payment amounts. Do you have any other questions/concerns about applying for the loan?
Non-Sales Associates
Client Objections: "I have to talk to my husband."
Feel: I understand you need to speak with your husband.
Felt: Most people like to check out a few places or get recommendations from their spouses.
Found: Most people I talk to find that Capital City Bank has all the bells and whistles of the big banks with a small community feel. You can always speak to one of our bankers who can tell you more about our consumer loans with no strings attached. Would you like me to have one of them give you a call?
Ask for the Business
If you don't receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is what we say to move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I start your consumer loan application?
- Would you like to start the consumer loan application now?
- Do you want to apply today?
- Are you ready to start your application now?
Non-sales Associates
If you are making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- May I get your contact information so I can have my friend, ___________, call you?
- Can I get your name and number so I can have a banker call you about completing your consumer loan application?
- May I have a banker call you to help you find the best credit product for you?
Make a Referral
If you are a sales associate or non-sales associate who cannot process consumer loan applications, but have identified someone who is interested in a consumer loan, remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Acknowledge or Ask questions about a need.What do you typically look for in a financial institution?Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we have numerous savings and investment options designed to meet your financial needs.Connect to a Capital City Banker that can help.Our Personal Bankers/Market Leader/Lender can help you find the best loan for your needs. Would you like for me to have a banker contact you at a time that works for you?Process the Sale
- The associate who can sell the product follows established policies and procedures to close the sale.
- An associate connects the person to a qualified banker using a Synapsys referral for the consumer loan application. The qualified associate completes the consumer loan application.
Additional Information on Sale Processing
See the Synapsys referral instructions.
