You already know that offering financing to your customers as a payment option for their home improvement project is critical. Many contractors already offer in-house financing or go through a big bank to offer financing for their good credit customers. But what about the approximately 50% of people in the United States who are “credit challenged?” They cannot pay cash and don’t qualify for your in-house/big bank financing, so you will most likely lose the sale. WAIT! You don’t have to lose the sale if you are working with an institution that offers “second-look” or “discount” financing.
What Is Discount Financing?
As the name implies, this type of financing provides a way for those customers with some credit challenges to get financing for their home improvement project. There’s typically a cost involved for the contractor but this gives the company the ability reach more customers and close more sales!
Most people know if they have “subprime” credit so when you come back to them with an approval for financing, it increases customer satisfaction.
Foundation Finance can help you build your bottom line with approvals other lenders deny. For more information about our programs, call 855-241-0024 ext. 5012 or email [email protected].
See the full article here.