Auto Finance Manager: Job Description, Duties & Salary
If you are interested in a career as an auto finance manager, continue reading to learn more about how to get started. Read on to learn about the job, duties, salary, educational requirements and more.
Career Information at a Glance
Auto finance managers work in car dealerships and are responsible for helping customers find financing solutions, securing rates, and communicating to banks about loans and other financial matters. The table below includes more basic information about this career.
<table border="1"><tr><td><b>Degree Required</b></td><td> Bachelor's degree</td></tr>
<tr><td><b>Education Field of Study</b></td><td> Finance, accounting, economics</td></tr>
<tr><td><b>Key Skills</b></td><td> Communication skills, math and computer skills, detail-oriented, organizational skills</td></tr>
<tr><td><b>Job Growth (2020-2030)</b></td><td> 17% for financial managers*</td></tr>
<tr><td><b>Average Salary (2021)</b></td><td> $59,982**</td></tr>
</table><p><i>Source: *U.S Bureau of Labor Statistics, **Payscale.com</i>
</p><h3 id="section---WhatDoesAnAutoFinanceManagerDo">What Does an Auto Finance Manager Do?</h3><p>An auto finance manager coordinates the financing for customers buying new or used vehicles. They act as the intermediary between the customer and the banks and make sure to maintain positive relationships with both. Auto finance managers prepare paperwork and contracts and make sure that deals are effectively closed.
</p><h3 id="section---WhatDutiesDoesAnAutoFinanceManagerHave">What Duties Does an Auto Finance Manager Have?</h3><p>In addition to helping customers finance their purchases, auto finance managers must inform and educate customers on aftermarket products that will enhance their vehicle ownership experience. Auto finance managers must understand title laws, the registration process and specific local, state and federal regulations. They must also make sure they communicate with banks to determine interest rates, make credit decisions and ensure that the customer and dealership are both getting the best deal.
</p><h3 id="section---WhatIsTheSalaryOfAnAutoFinanceManager">What Is the Salary of an Auto Finance Manager?</h3><p>According to <i>Payscale.com</i>, the average salary of an auto finance manager in 2021 was $59,982, though this amount can vary greatly. <i>Payscale.com</i> estimates the lowest 10% of earners in this career earning an average of $24,000 or less and the highest 10% of earners earning an average of $144,000 or more. According to the BLS, the median salary for financial managers in 2020 was $134,180, and the projected job growth is a 17% increase from 2020-2030.
</p><h3 id="section---WhatSkillsAreNeededToBecomeAnAutoFinanceManager">What Skills Are Needed to Become an Auto Finance Manager?</h3><p>You'll want to have strong communication skills if you want to become an auto finance manager, since much of your time will be spent communicating between customers and banks. Additionally, you'll want to be detail-oriented because there will be a lot of contracts and forms to fill out in this job. Strong math skills will help with navigating interest rates, lending deals and other financial documentation.
</p><h3 id="section---WhatAreTheEducationalRequirements">What Are the Educational Requirements?</h3><p>Earning a bachelor's degree in finance, accounting or economics may prove beneficial if you want to become an auto finance manager, although some dealerships may hire someone with a high school diploma. Experience in another financial institution along with sales and dealership management experience are important, and most jobs prefer candidates who fit these qualifications. While certifications are not required, the Automotive Dealership Institute (ADI) provides additional training and courses which can help potential candidates.</p>