Offering a promotion is a tried-and-true way to attract customers and close sales. For home improvement contractors, point of sale financing promotions are a competitive advantage, especially amidst ongoing COVID-19 worries. If you’re not already offering same-as-cash or deferred payment financing, you’re missing out on a big opportunity for growth.
Why are these financing promotions so important right now? Their benefits to the consumer:
- No home equity required
- Interest rates are lower than credit cards
- Approval processes are faster and easier than with traditional bank loans
- Terms are typically longer than other lending products, creating lower payments
- No prepayment penalties
Foundation Finance provides a variety of promotional options including same-as-cash, deferred payments and reduced interest rates. It’s harder for a customer to say no to a project when the financing makes it a painless ”yes!”
No Collateral Needed
Same-as-cash or deferred payment options don’t require additional collateral beyond the items financed, making them easier for a customer to obtain. The financing isn’t tied to the homeowner’s assets or property, unlike a home equity line of credit.
Financing with No Interest
Many customers prefer a financing product with no interest, so the same-as-cash payment options are appealing. Your customers can avoid accrued interest if they pay off the loan before the end of the promotional period.
No Need to Dip into Savings
Customers may be hesitant to take on bigger home improvements because it limits their access to cash. But a same-as-cash or deferred payment option allows them to keep their money on hand for longer, keeping their savings safe for emergencies.
Easier and Faster
Once they make up their minds, customers often want to start their home improvement projects as soon as possible. Approval processes for your inhouse financing program are faster and easier than with traditional bank loans.
Business owners need to be prepared at every moment to capture the sale. In a competitive environment, every detail makes the difference in gaining or losing a sale. If you don’t already have a financing plan in your sales portfolio, seriously consider adding one. It’s an asset that many homeowners will be thankful you have.
You can build on us. Contact us today for more info: 1-855-241-0024, [email protected].