Snapshot Survey Results | Financing
In the March 2022 Snapshot Survey, we asked contracting business owners about how they offer financing to their customers to help you incorporate best practice strategies into your company planning. Here’s one survey question and its results from the “Financing” summary report, which will be available in its entirety to EGIA members on 4/18/22.
How many lenders does your business work with to offer your customers financing options?
Furnace or air conditioner outages can make life miserable and create unexpected and significant expenses for homeowners and their families. Contractors that offer financing can help ease the pain on their customers’ wallets during a heating or cooling emergency. Because lenders often only work with specific credit scores, contractors that work with multiple financing programs can offer the best options to a wider range of customers. According to survey respondents, the majority of contractors (31%) work with two lending partners. Slightly behind that, 28% said they work with more than three lenders to offer financing to their customers.
Here’s what an HVAC contractor from Missouri said in the survey:
“We work with five lenders to focus on providing financing for our customers regardless of their credit scores.”
