Exploring Your Options: Selecting a Lender
There are a lot of options out there when it comes to selecting a lender for your home improvement business. But how do you know when you’ve found the right one? First, you should make a list of what matters most to you. Remember, any partners you work with are an extension of your brand, so it’s important to pick the right ones. Here’s what you need to look for when selecting a financing option for your customers.
Home Improvement Experience
Not all lenders are created equal. Finding one with experience in the home renovation field can help set you apart from the competition. Plus, you can rest easy knowing that your customers are being taken care of by people who know what they’re doing.
Offer Multiple Loan Options
No two customers have the same financial strategy. That’s why it’s so important to make sure you offer a variety of loans. While some customers may want a same-as-cash or low monthly payment option, others may only qualify for a more traditional installment loan. Filling up your toolbox with as many options as possible makes it more likely you’ll be able to close the job.
The last thing your customer wants to deal with is complicated processes when it comes to their loan. Making sure your selected lender provides a great experience for your customers should be one of your top priorities. The easier and more convenient these processes are, the better experience your customer will have. This means more referrals and business for you!
Provide Own Funding
With the ever-changing economic environment, you want a lender that can withstand all the storms. Does the lender provide their own funding, or do they rely on someone else? When you work with an actual bank, not only do you have the consistent funding that comes from a lender who keeps and services its loans, but you also have the added security of a federally regulated institution. Do your due diligence and check Better Business Bureau grades before selecting a lender.
You’re busy, so having someone on your team to help with your customers is an invaluable resource. How much support will homeowners receive throughout the life of their loan? How easy is it for them to reach someone if they have questions or concerns about their account? It may be helpful to do some research and read some of the reviews from homeowners who are already working with the lender.
Why Regions ǀ EnerBank USA?
EnerBank has over 20 years of exclusive experience in home improvement lending. This means two decades spent developing loans, technology, and processes to benefit you and your customers. Plus, as a part of a loan program, you’ll gain access to unique benefits at no additional costs. This includes a dedicated relationship manager, marketing tools, on-demand training, and more. To find out more, fill out the form on this page or visit our website.