friendly. Providing financing solutions for your plumbing services is a proven strategy to boost sales, increase ticket sizes, and grow your business.
Some of the most popular methods of plumber finance are credit cards, personal loans, and home equity lines of credit. However, these options have certain drawbacks that can make them less than ideal for homeowners who are looking to pay for plumbing projects on a budget.
For one, credit card interest rates are often quite high, which can add up quickly over time. Additionally, these types of financing plans usually have fixed credit limits that prevent borrowers from borrowing as much money as they need for their plumbing project.
A personal loan, sometimes known as a zero equity loan, is another option that works well for many homeowners. These are unsecured loans that require only a signature and income verification to be approved, meaning you can get a decision in just a few days. They also typically have lower interest rates than credit cards and other types of plumbing financing.
Home equity lines of credit (HELOC) are a type of homeowner’s loan that is secured by the equity in your home. This means that if you are unable to repay your mortgage balance for some reason, you could lose your home.
Luckily, there are a number of independent lenders that specialize in plumbing financing and offer affordable, flexible loan terms for a variety of purposes. This includes everything from a simple toilet repair to a complete home remodel and repiping. Many of these companies work with plumbing businesses to provide their customers with competitive and affordable financing solutions for all of their home improvement needs.