Find The Right Fit: Payment Options for Your Customers
Posted October 25, 2022 by EnerBank USA
If you’ve never offered payment options to homeowners before, you may be wondering what your customers are looking for. Regions | EnerBank USA offers a variety of loan products to fit the differing needs of your customers. Here’s a quick summary of some of the products we offer and how the find the right fit.
There are quite a few factors you should consider when working with a homeowner who chooses to finance their project. The first is the size and scale of the project. The bigger it is, the more likely they are to finance it. Second, how quickly they want to pay off the loan. EnerBank offers a variety of payback options to fit the needs of your customers. Finally, you need to consider how much a homeowner wants to pay in interest. Some may want a lower monthly payment with a higher interest rate, while some want a zero or low-interest rate. When first speaking to homeowners, feel out their situation to ensure you’re offering what best fits their needs. Don’t ever assume a homeowner isn’t interested in payment options because of what you perceive to be their financial situation – you may miss out on a job.
Our Same-As-Cash Loans are a short-term lending solution where, if paid back in full within the same-as-cash period, all interest is waived. This means the customer pays the same amount on the loan as they would have if they paid upfront, with cash. The benefit of this type of loan is that a homeowner can keep their cash on hand for a longer period of time; or, they may be waiting for cash to come in, such as a bonus or tax refund.
These loans also work well for customers who need to obtain financing quickly for big-ticket home improvements and don’t want the hassle of a lengthy approval process or need for collateral.
Reduced Interest Loans
The Reduced Interest Loan (RIL) is what it sounds like — a lower interest rate loan with a longer term. Your customer pays off the loan with easy monthly payments, helping them get the project they want now.
Offering homeowners a choice of SAC or RIL is a powerful tool for closing more home improvement sales.
Zero Interest Loans
Our Zero Interest Loan (ZIL) offers the unique features of equal monthly payments combined with a 0% fixed APR. If qualified for a ZIL, customers can get the home improvements they want with a 0% fixed APR throughout the loan’s term.
This loan is great for homeowners who want to save money on interest but need to make monthly payments.
Traditional Installment Loans
The most basic plank in your payment options toolbox is the Traditional Installment Loan (TIL). This is a longer-term loan designed for your customers with lower-dollar projects. Customers pay off the loan through equal monthly installments.
A TIL is a good choice for those who want a better interest rate when compared to a credit card.
Regardless of a homeowner’s situation, we can help find the right fit. The above options, and many more, are available to contractors who work with Regions | EnerBank. As a part of our program, we’ll provide you with a dedicated relationship expert, access to our U.S.-based customer service team, and on-demand training for you and your team. If you’d like to learn more, fill out the form on this page and a member of our team will contact you soon.
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