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Using tailored finance

A smarter way to help customers get approved for finance

Sometimes, customers applying for finance won’t be approved for their original amount or term, and that can be a tough conversation. But with the tailoring functionality in CreditMaster3, there’s a better way.

Instead of leaving empty-handed, customers may be offered alternative options automatically, such as:

  • Paying a higher deposit, so the purchase can still be made while reducing the strain on the customer’s finances

  • Opting for a lower cost product meaning a lower loan amount to repayment overall

  • Choosing a longer repayment term to reduce instalment amounts

All you need to do is click the tailoring tab on the decision screen. It only takes a moment, but it can make all the difference.

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Why use tailoring?

Better for your customers

    • Gives customers a second chance at approval
    • Provides them with alternative terms to suit their circumstances
    • Helps maintain trust and confidence in your service

       

Better for your business

  • Reduces lost sales due to declined applications
  • Helps you convert more customers into buyers
  • Supports stronger overall finance performance

Easier for you

  • No need for awkward "you've been declined" moments
  • Removes pressure - the system does the heavy lifting
  • Lets you offer a solution without extra effort
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Quick tips for using tailoring effectively

  • Always check the tailoring tab before ending the application - this can be a powerful tool when used

  • Explain it to the customer simply: "You weren't approved for the original terms, but the system has suggested some alternatives we can look at together."

  • Tailoring is optional for the customer. If they don't want to proceed, you can discuss with them other ways to pay.

Need help?

If you have questions about tailoring or how to use it in-store, speak to your team leader or contact your Novuna Relationship Manager for support.