You may have noticed more companies advertising or approaching you about offering home improvement financing at the point of sale. It seems everywhere you look, companies are offering customers new ways to finance their purchases. While point of sale lending is not necessarily new, it has seen a reemergence in popularity in recent years as newer technologies make it faster and easier. But, why should you offer this type of financing? Will it help your home improvement business? And why should you consider it if you already have a financing solution?
Well, in regards to why offering home improvement financing at the point of sale is a good idea, we should think about who is buying new homes. Many of us still think of millennials in their twenties, and we tend to forget that older millennials are pushing mid-age. According to the National Association of Realtors in Homebuyer & Seller Generational Trends in 2019, millennials are the largest percentage of homebuyers across generations at 37%. In addition, they also report that millennials are more likely to take advantage of new technology. 81% of millennials who purchased a home in 2019 found their home through a mobile app.
In fact, NAR’s data indicates 76% of all homebuyers found their new home through a mobile app. So why does that matter to you? Well, this means new homeowners are used to certain conveniences when it comes to researching their options and making transactions. This new generation of homeowners have come to expect a near instant gratification when it comes to finding products and services they want. They also are likely to expect the same kind of accessibility when it comes to financing the purchases they would like to make.
In order to stay competitive in this kind of market, you need to be able to offer you customers financing that requires minimal effort in regards to application and delivers fast results. This is where point of sale financing comes into play. Maybe you already have a lender you work with or perhaps you don’t offer financing yet. Either way, it could be time to reconsider your home improvement financing game and see what is out there. While you might being doing okay with what you have currently, offering financing at the point of sale could boost your business. Modern financing solutions, like FinFi, not only give your customers access to multiple financing options through one universal application, but also offer max approvals. This gives your customers the power to buy the upgrades they really want now and pay for them over time with affordable monthly payments.
As more financing companies emerge, promising the the best rates and terms or the easiest application process, you may start to feel inundated from the tsunami of options. You need to work with a company that you can trust but that also allows you to offer competitive financing along with an easy application process. FinFi has worked tirelessly to make this happen. With the FinFi platform, you can give you customers options from a variety of lenders who have first and second look products to facilitate financing for borrowers across the credit spectrum. This means more of your customers will be approved for the maximum amount, so they can get the upgrades they really want. Whether your preferred financing program is an installment loan, revolving line of credit or lease to own, FinFi has you covered.
Not only does FinFi work with multiple lenders, FinFi offers a PreQualiFi feature that allows your customers to see if they qualify for financing in a matter of seconds, without affecting their credit. In addition, FinFi has built an easy to use portal for contractors to use where they can track their client’s financing information, make transactions, send a secure and contactless application to their clients and customize financing programs offered. All of this is accessible through a single, easy to use dashboard. You can learn more about the FinFi financing program by contacting us at info@finfi.co. We are ready to help and answer any questions you may have!
