June 2021 was just declared “National Homeownership Month” by the president of the U.S. to “recognize the enduring value of homeownership and to recommit to helping more Americans realize that dream.”
Further, in the official proclamation, the president states: “A home is more than four walls and a roof; it is a place where we can celebrate triumphs and weather the trials of life. A place where we can watch our families grow…”
So when a homeowner connects with you for a quote on improving their home and their request seems a bit more lofty than realistic, let them dream big. The caveat, have a good financing plan in place to help them affordably finance their dream.
Contractor Financing to the Rescue
For home improvement contractors, point of sale financing is the bread and butter to closing sales for upgrade-hungry homeowners. Kitchen remodels, outdoor living spaces, HVAC upgrades and energy-efficient windows have become staple upgrades. But, they can be pricey projects.
Homeowners are beginning to see a broader picture, however, and looking at value over price and life experiences over quick fixes. A lofty price is only an affordable monthly payment away from a closed sale. Plus, the convenience of competitive financing being offered from the home improvement contractor’s location (rather than the customer leaving to investigate a bank loan) is a welcome consideration for the homeowner.
Benefits to the Homeowner
Contractor financing isn’t rocket science and the overall benefits are straightforward and simple:
- No home equity required
- Interest rates are lower than credit cards
- Approval processes are faster and easier
- Terms are longer, creating lower payments
- No prepayment penalties
No Need to Dip into Savings. Customers might hesitate to take on bigger home improvements because the bigger price tag could drain their savings account. But a same-as-cash option allows them to keep their money on hand for longer, leaving their savings safe for emergencies.
Financing with No Interest. A financing promotion featuring a 0% interest rate is historically a consumer-preferred choice. Having that same-as-cash option in-hand is your sales closer! Other tempting options include no payments for 6 months or half payments for a year. Check with Foundation Finance to learn about their current promotions.
No Collateral Needed. Same-as-cash options don’t require additional collateral beyond the items financed–making them easier for a customer to get and the financing isn’t tied to the homeowner’s assets or property. In other words, the financing isn’t scary.
Foundation Finance can give your customers the freedom to dream big–and give you the tools to help them afford it. Enjoy the rest of National Homeownership Month and, most importantly, enjoy making your customer’s dream projects a reality.