As a skilled trade, plumbers are in high demand. With that in mind, it’s important for plumbing companies to offer financing options. These loans make it easier for customers to pay for plumbing services or products that may be out of their budget.
The type of loan you choose depends on your needs. For example, you could use an unsecured personal loan or home equity loan to finance a new plumbing system or appliance. But, you should know that these loans carry higher interest rates than business loan or credit card options.
A traditional business loan is an excellent choice for plumbing businesses with strong personal and/or business credit. However, the loan application process can be lengthy. If you’re in a hurry to get working capital, you can also turn to a short-term business line of credit. This type of loan is similar to a credit card, but offers more flexibility. You can withdraw as much money as you need from your loan account, up to the maximum credit limit. And you’ll only pay interest on the amount of cash you actually borrow.
Another option is a merchant cash advance, which is typically available to qualified plumbing businesses with less than perfect credit. With this type of loan, you can receive a lump sum of money that you then repay over time with scheduled payments. The advantage of this type of loan is that it can be approved more quickly than a traditional business loan, and often requires minimal documentation.
Lastly, you can try to acquire plumbing loans through your local bank or credit union. These lenders usually require a solid personal or business credit score and two years of financial history to qualify for the best plumbing loans with low interest rates. However, if you’re unable to secure the funding you need through these sources, you can always look for an alternative source of finance, such as a professional line of credit or a home improvement loan.
Offering customer financing is a great way to increase sales and boost profit for your plumbing company. But, many plumbers are hesitant to mention financing, thinking that customers don’t want or need payment plans.
Luckily, ServiceTitan Mobile’s integrated customer financing eliminates the awkwardness by showing a customer’s available options right on their technician’s tablet. Using customized rules, ServiceTitan can display only the best-suited finance options for each individual customer’s unique situation.
This makes it easy for plumbing technicians to show their customers the options that are best for them, and it gives the customer peace of mind knowing they’re getting a good deal. Plus, by removing the stress of paying upfront, it makes your customers more likely to purchase your best-selling products or services. And that’s the best way to grow your plumbing company. loans for plumbers