In the constantly evolving world of home improvement, finding success as a contractor requires more than just a solid understanding of construction and design. It demands a holistic view of the client’s journey – from their initial vision and the detailed design process to project financing.
As you navigate the complex landscape of home renovation, expanding your skill set to include selling home improvement loans to customers can be a game-changer, setting you apart in a competitive market. This guide takes you through the essential steps to sell more home improvement loans to your customers. Implementing these steps will not only help you smooth out the home improvement customer journey, but you may grow your business in the process. So, let’s explore each of these steps in more detail.
- Be the Expert: As a contractor, you should demonstrate knowledge and expertise in home improvement projects and loans. You should understand all aspects of the project you are offering and the intricacies of financing options. By establishing yourself as the expert, you can confidently answer questions, offer advice, and guide your customers through the process, which helps put them at ease.
- Know the Trends: Stay updated on the latest trends in home improvements. This includes knowing about popular materials, designs, and technologies. The same goes for financial trends. Understand current interest rates, loan types, and financial products available to your customers. This will help you increase the chance of winning the project bid.
- Know Your Market: Understand your customer base. Who are they? What kind of homes do they own? What are their interests? Knowing this can help you effectively market your services and loan products and resonate with your potential clients.
- Train Your Sales Team: Ensure your sales team is knowledgeable and comfortable talking about home improvement loans. They should be able to explain different loan types, interest rates, and repayment terms and guide the customer through the application process.
- Promote Financing Before the Bid: Before even offering a bid for a project, introduce the concept of project financing. This sets the stage for customers to consider larger projects and shows that you have solutions for making their vision a reality.
- Lead with Monthly Payment Plans: Rather than focusing solely on the total cost of a project, lead with the monthly payment amounts. This can make the project seem more affordable to customers and help them to understand how the financing would fit into their budget.
- Timing – When to have the Finance Conversation: Knowing when to discuss financing is crucial. This conversation is best had after customers show interest in a project but before a formal bid or proposal is made. This way, the idea of a loan is introduced before the total cost, helping to prevent sticker shock.
- Educate the Customer: Empower customers to make informed decisions by providing them with all the necessary information about home improvement loans. Explain the different types of loans, their advantages and disadvantages, and how the loan process works.
Are you ready to grow your business by offering home improvement loans to your customers? We can help.
Partner Forward with Salal Dealer Direct
We team up with contractors nationwide to provide their customers with affordable financing for various solar and home improvement projects.
We can offer some of the most competitive rates and dealer fees because we’re part of a member-owned credit union. That means our profits return to our members—and business partners—through lower rates and fewer fees.
Our Dealer Direct Financing programs feature:
- An online loan application with fast credit decisions and a high approval rate.
- Terms and loan amounts are available to fit various budgets and project sizes.
- Partners pay ZERO dealer fees on our standard program.
How to Start Offering Salal Dealer Financing to Customers
We’re serious about helping your business grow with fast funding times and personalized support from a dedicated and experienced team of lending specialists. To get started, our dealer application process requires these documents:
- Completed dealer questionnaire
- Current income statement and balance sheet
- Copy of business license and/or contractor’s license