The process of buying a car can be intricate and confusing without the right information. When it comes to financing a vehicle, it’s important to get clear communication about how the financing process works. That’s where the role of a finance and insurance manager comes in handy.
A finance and insurance manager essentially sells new and used car buyers financing and insurance programs. This individual is in charge of customer financing and insurance options at auto dealers.
These managers work with financial lenders to give fair interest rates to buyers. Expected to uphold the highest ethical standards, finance and insurance managers are responsible for the explanation of aftermarket products and extended warranties.
Further roles include seeking new lending institutions and maintaining good working relationships in order to secure competitive interest rates and financing programs.
Finance and insurance managers must process financing and leasing deals accurately and securing approval through financial sources to secure approval.
What qualities do you need to succeed as a finance and insurance manager?
A finance and insurance manager needs to have strong communication skills. This individual should keep abreast of industry regulations and should have the necessary skills to control expenses and maintain customer satisfaction.
What qualifications do you need?
A degree or equivalent experience in finance or business will put you in a good position to operate efficiently as a finance and insurance manager. Fiscal responsibility is key so experience with finances is ideal.
You may also need 2 years of automotive sales experience in addition to one year of dealership experience in a management position.
The job market is competitive, so you need to excel in your role in order to stand out from the crowd.
Your role as a finance and insurance manager involves you looking over the credit histories of applicants. You will also determine the insurance needs required before the vehicle can be released.