Home improvement financing is a financial solution that allows homeowners to fund their renovation projects through flexible payment options. As a company, you offer customers the ability to apply for loans or financing plans that cover the costs of their home improvements, which they can repay over time, typically with fixed monthly payments.

Most home improvement financing options cover a wide range of projects, including kitchen remodels, bathroom upgrades, roofing, HVAC installations, windows and doors, and more. The financing terms can be tailored to suit the size and scope of each project, allowing customers to complete large or small renovations

Offering home improvement financing can increase your sales by making projects more affordable for homeowners. By providing flexible payment options, you can help customers take on larger renovation projects without paying the full cost upfront, leading to more closed deals and higher average project values.

Interest rates for home improvement financing can vary based on the customer's creditworthiness, the loan term, the lender, and your willingness to buy down the rate. Rates generally range from 0% promotional offers to competitive fixed rates for longer-term loans. Offering 0% interest for a limited time is a great way to attract customers who are hesitant about taking on debt for home renovations but can be costly. Standardized interest rates are between 6.99%- 12.99% with terms going as long as 15 years.

The approval process for home improvement financing is typically fast and straightforward. Most lenders provide same-day or next-day approval through your portal, allowing customers to move forward with their projects quickly. In many cases, customers can complete the application during the initial sales appointment with your company and receive a decision within 2 minutes.

Yes, most lenders have minimum credit score requirements for home improvement financing. However, these requirements can vary by lender and financing program. Our financing options cater to customers with a wide range of credit profiles, so it’s important to offer multiple plans that can accommodate different credit situations.

If a customer defaults on their home improvement financing, the lender will follow its standard collection practices. In many cases, this can result in repossession of the financed product (if applicable) or legal action. As the business offering the financing, your role is limited to providing the initial financing option—the lender manages the collection process but may partner with you if they are not able to get in contact with the customer.

Yes, most home improvement financing options allow customers to pay off their loans early without penalties. Offering no prepayment penalties can be a strong selling point for customers who prefer to pay off their debt sooner than planned.

Offering 0% home improvement financing is a great way to attract customers who may be hesitant about upfront costs. It allows customers to spread payments over time without incurring interest charges. This promotional offer often encourages homeowners to start projects immediately and can increase your conversion rates and fresh inbound leads.

As a business owner or sales representative, it’s important to be knowledgeable about the home improvement financing options you offer. Be ready to explain the terms, benefits, and application process clearly. Providing brochures or links to online applications can help streamline the process. If customers have specific questions about their financing terms, you can direct them to the lender’s customer service for detailed information or your dedicated rep on our team.

Incorporating home improvement financing into your sales process can help close more deals. During consultations, mention financing as a solution to make projects more affordable. Highlight how home improvement financing can help customers get the upgrades they want without paying the full cost upfront, and make sure to have financing options readily available when presenting project estimates.

The documentation needed for home improvement financing is generally minimal. Most lenders require basic information such as income verification, credit score, and a government-issued ID. In some cases, proof of the renovation project may also be requested. The application process is designed to be quick and convenient for the customer.

You can promote home improvement financing by including information on your website, brochures, and email marketing. In-person consultations are a great opportunity to introduce financing options. Emphasize how home improvement financing can make larger projects more affordable, allowing homeowners to complete renovations they might otherwise postpone.

If a customer cancels their project after being approved for home improvement financing, it is important to cancel the loan in your finance portal or contact your dedicated rep. The lender may cancel the financing arrangement, depending on whether funds have been disbursed. Each lender has specific policies regarding project cancellations, so be sure to review these terms with your customer upfront. Feel free to contact your rep if you have any questions at all about this.

No, the risk to your business is typically minimal when offering home improvement financing because the lender assumes the financial risk. You provide the service, and the lender manages the credit approval and repayment processes. Your role is to offer financing as a payment option, which can help increase sales without adding significant risk.