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As a contractor, you want to make it as easy as possible for your customers to get the home improvements of their dreams. Offering payment options to your customers is a great way to make the process of paying for a project easier. Unsecured home improvement financing can be a great option to help close more deals. Below, we’ll discuss what it is, how it works, and some of the benefits of offering it as a payment option for your customers.

What are unsecured home improvement payment options?

Unsecured home improvement payment options are a type of personal loan that homeowners can take out that requires no collateral. Unlike secured loans, a homeowner can obtain an unsecured loan quickly, and without the hassle of home appraisals, a long loan process, or adding a lien on their home.

Offering unsecured home improvement loans to your customers

When it comes to payment options, your customers want a choice. Every customer has a different budget and financial situation, and by providing a choice of payment options, you’ll draw in more customers, stand out from the competition, and close more deals.

How does Regions Home Improvement Financing for contractors work?

To begin offering a choice of payment options to your customers, you’ll need to sign up and activate with Regions. We’ll provide you with training and all the tools you need for success.

  • Start by making sure you advertise payment options in your marketing materials and offer a choice of payment options to 100% of your customers.
  • Homeowners can qualify for an unsecured home improvement loan using one of our three paperless options. As the contractor, you get to choose the specific loan products you’ll offer (terms, rates) that fit best with the project and your process.
  • Once your customer is approved for the loan, you can get started on the home improvement project, and the bank pays you directly via ACH, so you don’t have to worry about collecting signatures or payments from the homeowner. Plus, interest rates that can help keep you competitive.
  • There are several types of home improvement loans for contractors, including same-as-cash, reduced-interest loans, and even zero-interest loans. Homeowners can borrow enough to cover a simple HVAC replacement or fund a larger remodeling project.

Benefits of unsecured home improvement loans for contractors

There are many reasons to offer unsecured home improvement payment options to your customers. And the benefits don’t just stop with your customers — by having a variety of appealing loan options, you’ll be able to boost your close rate and grow your business.

Here are just a few benefits of unsecured home improvement loans for contractors:

Quicker turnaround times

Have you ever had a project get delayed because your customer is unsure how they will pay for the project? Since unsecured loans have quick turnaround times, you’ll be able to finalize the loan in just a few minutes, which will help you close deals faster and reduce follow-ups to secure the job. You’re also more likely to have happier customers, which will help your business grow through positive reviews and recommendations to friends and family.

Reduce cancellations & eliminate discounting

Your cancellations can be reduced when you offer a choice of payment options because it ties the project to you — a customer will be more likely to stay with you and not ask to delay the project to perform further research or seek additional bids. You also won’t feel the need to try to “save a sale” by cutting into your margins with discounts, because payment options, when offered correctly, help eliminate cost objections.

Increase your leads & boost your close rate

You can see an increase in leads, plus a better conversion rate, when you advertise a choice of payment options in your marketing materials and on your website. This is because offering a choice of payment options widens your sales funnel and better qualifies your leads because many customers haven’t yet decided how they’ll pay for their project when they start shopping. When you offer options, you increase possibilities and create opportunities for closing deals that wouldn’t have otherwise existed.

Meanwhile, the research data shows that offering a choice of payment options help increase your close rate. When you combine better leads with increased close rates, you see a multiplied effect on your business!

Grow your average project size

Finally, offering a choice of payment options results in bigger jobs. According to the 2018 Brickyard Study, Commissioned by Regions, homeowners who finance their projects spend 43% more on their home improvement, and more than one-third of homeowners regret not spending more on their projects to get the results they truly wanted. A choice of payment options helps them get what they truly want, which means more business for you.

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Now that you know the benefits of offering unsecured financing as a part of your services, you can fill out this form to learn more about our contractor financing programs.

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