Offer customers payment options to close more home improvement deals
Many customers underestimate how much a job is going to cost, and once they hear your bid, they may decide not to move forward. Especially since they may not consider how they’ll pay for their project before reaching out to a contractor.
The Home Improvement Research Institute reported in their October 2023 TFG Monthly Report that over 55% of home improvement projects are financed in some way. This means that more than half of your customers are using financing, even if it appears they’re paying in cash. As a contractor, you have a great opportunity to increase leads and close more jobs just by offering your own financing. Regions Home Improvement Financing has spent over two decades developing loans, tools, and resources specifically for home improvement. When homeowners are offered convenient payment options, their dream project is within reach, and it gives them the ability to increase their project size.
Same-as-cash loans
Our same-as-cash loans provide a short-term lending solution where, if paid back in full within the same-as-cash period, interest is waived. This means the customer pays the same amount if they had paid with their own cash. The benefit of this type of loan is that a homeowner can keep their cash on hand for a longer period or have extra time if they’re waiting for cash to come in, such as a bonus or tax refund. These loans also work well for customers who need to obtain financing quickly for big-ticket home improvements and don’t want the hassle of a lengthy approval process or need for collateral.
Reduced interest loans
The reduced interest loan is what it sounds like — a loan with a lower interest rate and a longer term — what you might call promotional financing. Your customer pays off the loan with easy monthly payments, helping them get the project they want now. Offering homeowners a choice of same-as-cash or reduced interest loan is a powerful tool for closing more home improvement sales.
Zero interest loans
Our zero interest loan offers the unique features of equal monthly payments combined with a 0% fixed APR. If qualified for a zero interest loan, customers can get the home improvements they want with a 0% fixed APR throughout the loan’s term. This loan is great for homeowners who want to save money on interest but need to make monthly payments.
Traditional installment loans
The most basic tool in your payment options toolbox is the traditional installment loan. This is a longer-term loan designed for your customers with lower-dollar projects. Customers pay off the loan through equal monthly installments. A traditional installment loan is a good choice for those who want a better interest rate when compared to a credit card.
An easy solution with Regions Home Improvement Financing
With payment options, you provide a suitable option that fits the unique needs of your customers.
With so many different financial situations, having different types of loans available is vital to your success. To get started, just fill out this form to learn more about our contractor financing programs.
