If you tell someone the bad points of what you are selling it will weaken the chance of getting the sale, right?
Studies have shown that if a negative point is included in a discussion or presentation, rather than weaken the argument it actually enhances it. If we think about it, this makes sense; if you are buying a TV and the salesman bombards you with positives then you feel he is just fighting for the sale and your level of trust is low. However if he adds a negative; “the audio on this TV is not very good” then your relationship with him changes and he is now advising you rather than selling. You levels of trust increase hugely. If he’s good, he may then say; “but you can supplement it with these speakers, which means it will have far better audio than any other TV, and I can throw these in at a discount”.
In our world you need to point out the negatives of the facility, not just because it’s the ethical approach but also because it enhances your reasoning and your relationship with the prospect. You should explain in detail the limitations of the facility; concentration clause, recourse period, funding limits, minimum fees. Of course, you can then add how you will be flexible in regard to some of these (throwing in the speakers!). Your role changes from the salesperson to the advisor.
This is particularly beneficial when our competitors gloss over these points. The best words you can hear are; “the person from Competitor Finance didn’t tell me about that”. You have their trust and the competitor doesn’t, and as I have said more than a few times now, once you have trust, you have the deal.