Do Any Of You Guys Offer Financing?

Ragu_5

I was just re-reading an article by Randall Hilton about offering customers the option of financing work to be done. Do any of you folks have direct experiences that you could share? Thanks a lot.

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Tony_23

Yup

Place called "Enerbank". Started out with them thru RE Michel. They now finance anybody's equipment. Just give the customer an 800 # and wait a few hours. Pay is pretty quick, couple of days after billing by fax. Don't have a lot of people use it, but no complaints from those who have.

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Robert O'Brien

I just

signed up with EnergyLoan,haven't done one yet but I'll let you know when I do.Do you accept credit cards?

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Ragu_5

Robert

No, I haven't sigened up to accept credit cards yet. What's your opinion?

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Robert O'Brien

This is why

I didn't use Enerbank. " Home Depot, the world's largest home improvement retailer, is seeking approval to buy EnerBank USA from utility CMS Energy Corp. (CMS.N: Quote, Profile, Research) and use it to offer home improvement loans. " http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060818:MTFH47256_2006-08-18_18-22-42_N18405115&type=comktNews&rpc=44

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Robert O'Brien

I don't currently

accept them but am going to. I have alot of people ask,usually on service rather than installs

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Tony_23

When

was that ? And did it go thru ?

Thing is though, the couple of jobs a year that get financed thru them means a lot more to my pocket than it ever could their's.

I've lost jobs I wanted because I didn't have financing, They can make a grand over 5 years so I can make 2 in a week.

If I totally boycotted anything or anybody associated with HD, Lowes, etc. what would I buy ? Not much....

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Jeff Lawrence_25

I used to offer financing

Through a supplier. Ninety per cent of the people that wanted financing around here wouldn't be approved for some reason or another and the other 10% didn't like the terms.

tom_49

financing

I think you have to offer finacing. Who doesnt use credit cards. Our customers love being able to use them w/ us especially for service.

They also are a great way to get deposits on installs.

You have to figure the 2% or so into your OH.

Tom

Ragu_5

Payment Options Make Sense

Both credit cards and financing seem worth looking into; I appreciate all of your comments. I fully appreciate that not everybody is able to plunk down the investment required for a new system.

What brought this question up is that I've looked at a fair amount of older systems this summer that are just plain junk and have outlived any efficient operation that they may once have had. Most have been mid 1960's units that have been patched and patched (by others). They are scary enough that I can't touch them.

I've explained that:
1) These things are WAY past their useful life.
2) They are wasting vast amounts of fuel.
3) They are not delivering proper heat.
4) They are a service nightmare.
5) They are all on the verge of leaking.

I'll look into it. Thanks.

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joel_19

Yes

we'll take credit cards of course and offer financing with 0% for 6 months to a year just like Sears or H.D. . We also have a fixed payment plan through Capitol 1.

We quote a monthly payment on EVERY job. If you don't you will loose to Sears, H.D., or me!! Why don't you all quote a monthly payment on every job ? what have you got to loose?

By quoting a monthly payment you remove fear and doubt. It allows you to sell better equipment or upgrades much more easilly. Who cares if the better boiler cost say 3000$ more if it's only 20$ more a month and saves you at least that off the gas or oil bill. It makes it a no brainer. How much of a no brainer??. In the past few years we have sold only 1 gas boiler , The Viessmann Vitodens , although we offer the less exspensive vitogas 50 and 100 i don't belive that anyone has chosen the cheaper models.




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John L

Let's face it, how many folks have $5 to $10k to replace a system, especially in a breakdown situation. You have to offer as many options as possible so that people will have choices. We offer them equipment choices, so why not payment choices. The big box guys do. Additionally, their fuel savings will help defray the investment costs.
Offer 36, 24 and at least 12 month financing. I offer financing on every job and you would be surprised the folks who take it. A lot of the 3 and 6 month financing has no cost to the dealer. You will also sell more upgrades and accessories. It can be one of your best closing tools if you use it.