Steps to Become an Auto Finance Manager
Auto finance managers help customers at car dealerships find the best financing solution possible. They also aid in negotiation and handle legal financial paperwork. Read below to learn how to enter this fascinating career.
Career Overview
Auto finance managers determine the best financing option for customers at auto dealerships. They may also assist in negotiations regarding price and financing with customers.
The chart below shows the education requirements, job duties, and salary of auto finance managers.
<table border="1"><tr><td> <b>Degree Required</b> </td><td> Bachelor's degree</td></tr>
<tr><td> <b>Key Responsibilities</b> </td><td> Determining best financing option for customers, closing deals</td></tr>
<tr><td> <b>On-the-Job Training</b> </td><td> None</td></tr>
<tr><td> <b>Job Outlook (2020-2030)</b> </td><td> 17% (all financial managers)*</td></tr>
<tr><td> <b>Median Salary (2021)</b> </td><td>$59,982**</td></tr>
</table><p><i>Sources: *U.S. Bureau of Labor and Statistics, **PayScale.com</i>
</p><h3 id="section---Step1EarnABachelorSDegree">Step 1: Earn a Bachelor's Degree</h3><p>Those interested in becoming auto finance managers will need bachelor's degrees. It is recommended this be in a field such as business, accounting, finance, or economics. While it is occasionally possible to be hired as an auto finance manager with a high school diploma and experience, this is the exception rather than the rule.
</p><h3 id="section---Step2GetExperience">Step 2: Get Experience</h3><p>Auto finance manager isn't a position one steps into straight out of college. One is expected to have between two and five years of experience in a financial management, automotive sales, or automotive sales management position. It is possible to work one's way up from selling cars to the position of auto finance manager. You'll want to focus on developing your skills as a people person and learn how to close a deal.
</p><h3 id="section---Step3GetTheJob">Step 3: Get the Job</h3><p>Once you have proven your ability in a related area of automotive sales, you'll want to apply for an auto finance manager position. To get the position you will need to demonstrate skills you have mastered in your current position. These skills include, but are not limited to, sales, negotiation, closing a deal, interpersonal communication, analytical thinking, and problem solving. You'll also want to demonstrate your grasp of your company's sales process and title and registration laws, in addition to your outgoing personality.
</p><h3 id="section---Step4GetAnMBAOptional">Step 4: Get an MBA (optional)</h3><p>While not required to be hired, those with an MBA have a greater chance of being hired for an auto finance management position. While studying for an MBA you'll learn leadership and other business skills which will help you succeed as an auto finance manager. Having an MBA also shows you are dedicated and willing to work hard.</p>