Financing of Installations

Paul Mitchell

Anyone out here offer financing? If so who or what bank do you use? We have tried albeit half heartedly at times to figure it out but with no good results. Any recommendations would be appreciated. We have financing for our Warm air line and A/C but I need it for boilers and oil furnaces.
Thanks
Paul

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Tony_8

I use

RE Michel's setup with Enerbank. They also offer it on products not purchased thru REM. Not many takers though, most pay cash or get home equity loans.

Boilerpro_3

Boiler Manufacturers offer financing

Dunkirk does, and I believe Burnham and probably others.


Boilerpro

Steve_35

Financing

We offer financing on every job. We use AFC First at http://www.energyloan.net/. We also have merchant agreements with Beneficial and American General for those with poorer credit or when we want to offer 6 month deferred payment or same as cash sale.

There may be subsidized financing available through state organizations. In NY there is a program offered through NYSERDA but you must be a BPI certified contractor. It didn't used to require BPI certification but unfortunately the powers that be decided to make that a requirement.

Steve_35

I should have mentioned

we also offer Visa, MC and Discover. We've had a number of people put new systems on their card.

Earthfire

Wirsbo HCT

Can upgrade to the Advantage program. they have a financing deal with Conseco . Conseco will handle any improvement not just the Wirsbo part of the job

Dave DeFord

You might want to check..

with your local banks. Call the bank and talk to the head of the mortgage department especially about FHA home improvement loans. Tell them what you want to do and see what they have to say. If they say no, ask them if they know any banks that take that kind of business - the bankers all know what the competition does and you may be suprised how helpful they will be if you ask. Try and find a bank that is a former savings and loan (S&L) usually have a name something like XYZ Savings Bank with savings being the operative word. Many times the smaller the bank the better. They won't take high risk loans but the rates should be better than Household or Beneficial. Be prepared to have the customer fill out an application and so forth. Also be prepared for the bank to have a minimum amount that they will even consider - probably somewhere north of $5,000. You might also want to talk to your local business attorney or CPA to get introductions especially if you are in a smaller market. You might also talk to a local independent used car dealer and see who they use as the loans are similar in character and size. Good luck and don't give up until you've talked to every bank in town and maybe some that are out of town. Remember that banks make their money by lending money not by saying no.

Greg Swob

We have

only two finance options at the moment and I hope more will arise. 1) three months 'same as cash' 2) a firm called ECHI- EC Home Improvement. I don't have the number here, but can repost this evening. Used to be easy to work with- customer calls an 800#, gives them various info-SSN, etc. and the cost of the proposed bid. Then ECHI would (if they approved them) give an interest rate and payment plan based on credit score. Now, they just basically turn everybody down! Didn't mean to bash, but I assume they've been burned and seriously toughened up underwirting. Greg

Ken C.

Our company offers financing through Wells Fargo, applications can be taken over the phone and the customer usually has an answer within an hour. They seem to be kinda picky, though, because the last few applicants have only been approved for $1,000 credit, which doesn't even come close to a new boiler install.

Pat Clark

Financing

We use Climate Select for our boilers (Burnham) but can be used for any project. Easy qualification, easy paperwork, no down payment required, several terms available such as Standard, 90 days sac and 7 months sac.

Approval within minutes, most apps are approved, sometimes not for the full amount but usually is.

Phone #1-877-283-8387 for Merchant Services.

Pat

Paul Mitchell

Thanks all

I really appreciate the responses and we are going to look into all of them and see what fits. You guys really come through..thanks
Paul

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Boiler Guy

Our Utilities

offer financing up to 5K

Glenn Harrison_2

Our company uses American General Financial

We have a twelve month same as cash financing thru American General Financial. We include this in the price of all quotes, as many of our customers take advantage of the 12 smaller interest free payments. We also take the big 4 credit cards, and offer a 5% discount for cash or checks in full amount.

One thing to warn customers is that the "loan" must be paid off after the twelve months or they back charge you for interest on the full loan at something like 25% interest.

http://www.agfinance.com/

Dave Palmer_3

AAA

in our area has low interest loans for equipment for existing customers

Mad Dog

Yes that's what we have in the way of financing

credit cards. Do these boiler companies file the whole job, or just their end? Have quick is the turnaround for getting paid? Mad Dog

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