How to Offer Finance for Mobility Scooters

Understanding Customer Finance for Mobility Scooters

Mobility scooters are life-changing for many people, but their cost can be prohibitive. By offering finance options at your retail business, you make accessibility easier for your customers and boost your own sales opportunities.

Why Offer Finance?

• Increase Sales: Customers who can't afford a lump sum now have a path to purchase.
• Broaden Your Audience: Attract new buyers who value flexibility.
• Competitive Advantage: Stand out in the mobility market with flexible payments.

"Flexible finance can make mobility a reality, not just a dream."

Regulatory Requirements in the UK

Before you offer finance, understand your legal obligations. Under UK law, providing consumer credit is regulated by the Financial Conduct Authority (FCA).

Steps to Compliance

1. Check If Authorisation Is Needed: If you introduce or recommend finance, you may need FCA authorisation.
2. Partner with Authorised Finance Providers: To avoid regulatory pitfalls, work with approved lenders or brokers.
3. Responsible Lending: Ensure terms are fair, transparent, and customers can afford repayments.

Highlight:
:bulb: If you only introduce customers and don't offer your own branded finance, you may be eligible for a lighter regulatory regime – known as "limited permission authorisation." Always verify with an expert.

Choosing the Right Finance Provider

Your choice of finance partner can make or break your customer experience.

Tip: Ask providers for references from other mobility retailers.

Popular Finance Options for Mobility Scooters

• Interest-Free Credit: Customers spread the cost with zero interest (usually over 6–12 months).
• Hire Purchase (HP): Customer owns the scooter after the final payment.
• Personal Loans: Lender provides a cash loan direct to the customer.
• Buy Now Pay Later: Payment is deferred for a set period.

Note: Always make clear the total cost, terms, and any fees.

How to Introduce Finance In-Store and Online

Step-by-Step Implementation

1. Train Your Team: Ensure staff understand finance products, eligibility, and soft sales skills.
2. Point-of-Sale Materials: Clear signage and brochures boost uptake.
3. User-Friendly Online Interface: Add a finance calculator and application form to your site.
4. Smooth Application Process: Minimise paperwork and wait times. Aim for instant or same-day approvals.
5. Clear Communication: Disclose all terms, answer questions, and avoid pressure tactics.

Helping Your Customers Make the Right Choice

"Empowering customers with clear options creates trust and long-term loyalty."

Key Considerations To Share

• Affordability: Customers should only borrow what they can repay.
• Ownership: Understand when ownership transfers (e.g., after last HP payment).
• Protection: Clarify warranties or insurance bundled with the sale.
• Support: Offer guidance even after the sale is complete.

Maximising Benefits for Your Business

• Upselling Opportunities: Finance can increase the average order size.
• Customer Retention: Satisfied buyers are likely to return.
• Market Reputation: Be recognised for increasing accessibility.

"At Kandoo, we help retailers like you make mobility accessible to all."

Ensure Lasting Success: Stay Informed

Finance regulations, products, and technology change rapidly.

Stay up to date:

• Subscribe to industry newsletters
• Regularly review your finance partner’s performance
• Book compliance refresher courses for your team

Ready to Get Started?

Offering finance on mobility scooters transforms lives and empowers your business. Explore your options with an FCA-regulated broker, seek professional advice if needed, and make mobility more accessible for all.

Contact Kandoo today to discuss how you can bring flexible finance to your mobility scooter customers!