BY SUSAN MEDRANO CONTRIBUTING WRITER

A new season is here , and many outdoor enthusiasts , including your customers , are ready to shift gears from snow-covered adventures to on- and off-road excursions . They may be looking to upgrade to the latest powersports equipment and accessories , but the total bill may be hard to swallow . That ’ s why many may turn to the dealership ’ s sales and service staff for advice on how they can lessen the financial burden by taking advantage of available financing options .

Last fall , Synchrony released its ninth Major Purchase Journey Study , which showed how financing has become more essential to buyers shopping for big-ticket items . According to the research , when asked if recent price increases have led them to seek financing options , 50 percent of consumers said yes . That figure is even higher , 63 percent , for younger consumers between 21 and 39 . Moreover , the study revealed that 75 percent of major purchase shoppers are comfortable with financing through a retailer credit card .

As a dealer offering financing , customers will ask about the options available to them , and some may seek guidance on how they can improve their credit to secure the best terms

possible . The topic of improving credit scores is undoubtedly new territory for many sales and service personnel , and while it ’ s best for customers to consult a financial expert , here are some tips you can share .

ADOPT SOUND CREDIT PRACTICES It ’ s important that cardholders practice sound credit practices . Use the card regularly and make all payments on time . A good payment history opens new opportunities . For example , it can help a customer to secure powersports financing , such as installment loans to purchase units or credit products like Synchrony ’ s Outdoors credit card , which includes flexible payment plans , extended loan terms and more for accessories , parts and services .

ESTABLISH A STRONG CREDIT HISTORY AND CREDIT UTILIZATION RATIO

Strong history can also increase available credit , and as that grows , so can the total amount of revolving credit , which might include credit cards , personal lines of credit and home equity lines of credit . Strong revolving credit can result in a low credit utilization ratio , which represents the percentage of the credit limit that an individual is currently using . Be sure to mention that it

only takes into account revolving accounts , such as those I mentioned above .

Credit utilization can be a major scoring factor in credit , and the utilization ratio of a person ’ s credit cards and their overall utilization rate are both important . Traditionally , experts have recommended that consumers strive for a ratio that ’ s no higher than 30 percent , but for anyone looking to secure a truly exceptional credit score , many suggest keeping that figure under 10 percent . In general , people should make their minimum payment on a card every month and then pay off the balance before the end of the billing cycle . This will help ensure a good credit utilization ratio .

For those cards that you are not using , the customer ’ s instinct may be to cancel them . Urge them to stop right there . Old credit cards can help their credit utilization . And while a new credit card can help their score , too many new accounts will also lower the average age of a customer ’ s credit accounts , which can adversely affect their score since higher averages are best .

Equifax recommends consumers have two to three card accounts in addition to other forms of credit . Other experts say the number depends on the individual , spending habits , organizational skills and other factors .

AUGMENT CREDIT REPORTS There are also ways to augment the credit report . At Synchrony , we employ a proprietary technology , called PRISM , that analyzes a wealth of data in addition to the credit report . PRISM provides a more complete and accurate picture of a consumer ’ s creditworthiness . Using this technology , we have been able to extend credit to consumers who otherwise would have been denied .

At the end of the day , let your customer know that just like our preference for powersports units and gear , each person ’ s credit report is different .

Whatever their score is , they can raise it by adopting some of the practices in this article . And as a customer ’ s credit score evolves , so will the financing options they can secure when making their next powersports purchase .

Susan Medrano is SVP and general manager of Synchrony Outdoors .