Home Improvement Financing

[TrucknAlng]

I am looking for a company or companies that I would be able to give my potential clients to that would be able to take applications over the phone or fax and be able to give approvals within say an 1hr or less. I am in the home improvement industry and need to be able to compete with say lowes or home depots financing. Anyone know anyone?

 

I know Capital One used to but not sure if they still do? I have only found info dated in 2008.

[BRBiz]

Good luck with that! Its a good idea but places doing those types of fiancing have dried up, anything to do with home improvement fiancing has almost vanished.

[BRBiz]

Try taycor.com

[BRBiz]

You could set up a business paypal account and offer it though paypal, the customer would just have to have or set up a paypal account.

You could put a link on your website for your customers this is probably the easiest and best way to do it

[greywolf]

Wells Fargo offers a home improvement type card that allows merchants to partner with.

[TrucknAlng]

I do currently deal with paypal but the problem lies with having 60+ year old people that you have to go to paypal, enter this and that and they are like... "what is the internet and whats it for?"haha

 

But in reality I am more looking for quick approvals or denials for people that dont wanna use a card since their rate is 29%.. I am sure they would rather see 9.99% over the course of the loan.

 

I will look into the Wells Fargo thing but I despise WF.

[BRBiz]

I do currently deal with paypal but the problem lies with having 60+ year old people that you have to go to paypal, enter this and that and they are like... "what is the internet and whats it for?"haha

 

But in reality I am more looking for quick approvals or denials for people that dont wanna use a card since their rate is 29%.. I am sure they would rather see 9.99% over the course of the loan.

 

I will look into the Wells Fargo thing but I despise WF.

 

you will have a hard time getting people good rates just because your a small company

[greywolf]

People that would qualify for a low rate through you, would almost always qualify for a lower rate through another bank. Have you considered partnering with a Bank/CU in your area to offer HELOCs/second mortgages. You can usually earn $500+ per referral if you are a contractor.

[TrucknAlng]

I am also in the works with my local bank on this but they are a little slow with the times so it seems.

[BRBiz]

I am also in the works with my local bank on this but they are a little slow with the times so it seems.

 

I dont think the second mort. thing would work to well if some one is going to do that they would have had that all figured out before they even called a contractor to do work and if they do people usually use the bank they currently have the loan with in the first place

[builder2500]

Try Wells Fargo and GE Money.

[greywolf]

I am also in the works with my local bank on this but they are a little slow with the times so it seems.

 

I dont think the second mort. thing would work to well if some one is going to do that they would have had that all figured out before they even called a contractor to do work and if they do people usually use the bank they currently have the loan with in the first place

Most people do not have cash in hand when they plan for a remodel, so if you push the correct product on them, they might bite. At $500-$1k a referral, it can't hurt.

[builder2500]

Wells Fargo Home Improvement Card

 

 

greywolf's idea was good. This would be a quicker option though.

Edited February 9, 2010 by builder2500

[builder2500]

GE Money

 

 

Hope this two links help. Let us know after you check out Wells Fargo and GE. I do know that GE will pull the proprietor or officer of the corporation's personal credit to approve you to offer their financing to your customers.