Hot Tub & Swim Spa Scene FINANCE CHOICES
POPULAR TERMS
Finance can be taken over one, two or three years and the minimum deposit is £250. Most of their customers tend to opt for a three-year term especially as there is no early repayment fee. In 2017, 86% of customers opted for a three-year term and 14% for two years. No one-year deals were processed last year. The company’s most-financed spa is The Cyclone hot tub, based on their most popular finance term: a three-year term with £250 deposit and monthly repayments of around £180.
HydroPool’s Vice President of International Sales, Lloyd Burden,
however, sees very little upselling through finance. The picture is therefore clearly mixed across the country.
OVER-STRETCH
While there may be less reputable companies out there, the vast majority of retailers and dealers are responsible and will never offer finance if they feel it will over-stretch their customers. Samantha Murphy again: “We always work out finance repayments with our customers either in our showroom or at point of order. If we don’t get the opportunity to do so in the showroom, the customer is directed to the finance calculator on our website where they can adjust the deposit amount and term at their leisure. “Out of all our customers who opted to use finance to fund their hot tub in 2017, over 52% paid the minimum deposit amount of £250. Many of them chose this term because they did not have a larger deposit saved. “We promote 0% finance on our website through a purpose- built calculator which lets users slide between deposit amount and finance term to find an affordable option,” says Samantha. This
ABOVE: Customers can be enjoying the Hydropool experience sooner when they buy on credit.
feature is promoted on our Facebook page and from our showroom where our point of sales display finance options. “In our showroom, our aim is to educate potential customers on hot tub jargon, brands and the importance of after-sales. Sometimes we do have price-concerned buyers who have a budget of around £3,000. We always recommend that they use their £3,000 budget as a deposit against a much higher quality hot tub,” added Samantha. With the retailers and brands Dan Johnson from HydroVue works
with, it’s a very mixed bag. “Some are very timid to offer finance, while others are boldly offering it the moment clients arrive on site.” He has not heard of any dealers pushing finance ‘too hard’, though. Award Leisure is another company that feels comfortable offering financing without over-stretching their customers. The company’s finance terms are very flexible, so customers can over-pay if they want to, which will reduce the term they take the finance out over. “At the end of the day, you have to be ethical in what you offer and make the terms very clear,” says HydroPool’s Lloyd Burden. In terms of how retailers and dealers should manage their finance
ABOVE: Selling through finance is still a major sales tool and assists with upselling.
20 Hot Tub & Swim Spa Scene FINANCE CHOICES
offers, Dan Johnson believes they should act on their own. This allows them to provide independent offerings to their clients, across their brands. He believes this enables them to accurately follow and
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