A plumbing emergency can cost a homeowner a lot of money, and it may be difficult to afford the repair with cash alone. This is why many homeowners opt to finance their plumbing repairs. If you have bad credit, however, you may find it harder to qualify for a traditional loan from a bank or another lender. Fortunately, there are still options for those with less-than-perfect credit, including personal loans and home improvement loans designed specifically for plumbing projects.
In addition to partnering with banks, plumbing companies themselves offer financing programs through their own lending institutions. These are often unsecured loans with competitive interest rates. Some even allow you to make payments on the loan over time, which can be helpful for those who need the flexibility of monthly installments. Lastly, some of these lenders are even willing to work with borrowers who have low to fair credit.
For those who are looking to fund their plumbing renovation with a personal loan but have a low to fair credit score, Upstart is one of the leading online lenders that offers personal loans starting at $1,000. Its lending model considers education, employment and other variables when determining eligibility. This allows it to approve more borrowers at lower rates than other lenders.
A HELOC, or home equity line of credit, is another common option for those seeking plumbing financing. The main difference is that with a HELOC, you do not have to use your home as collateral and instead use your home’s equity as the security for the loan. This is a great option for those who want to take advantage of a low interest rate but don’t want to risk losing their home.
If you have a small business in the plumbing industry, you know that finding the right financing is essential for growth. However, many banks are reluctant to lend to small businesses and those that do have stringent requirements and repayment terms. This makes it even more important to offer your customers financing options that are easy to obtain and fit your unique needs.
One way to do this is by integrating financing into your customer experience. This is possible through software like ServiceTitan, which allows you to offer a range of payment options for your customers. For example, you can set up different payment plans, such as 0% interest and no payments for six months or 10% down and no payments for a year.
Providing your customers with these financing options can help you increase your sales. It can also encourage repeat customers and referrals. As a result, it can be an excellent way to promote your plumbing company and its services. To learn more about how to integrate financing into your business, contact us today. We’d be happy to answer your questions and discuss the best options for you. plumbing financing for bad credit