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Eddie Jones, of Big City Heating & Air, ran into a bit of a problem with his last customer. Janet Miller had paid for an air conditioner and installation job by choosing a two-year payment option Eddie offered her. Trouble was, his lender wasn’t really a lender — it was just one of those third-party brokers — so when there was a glitch in the loan payment, Janet called Eddie, Eddie called his loan processing service, and the service told Eddie to call the actual bank funding the loan — whichever one happened to own the loan this week. So, Eddie told that to Janet, and Janet was an unhappy customer. Talk about getting the runaround. Not to mention harming your own reputation thanks to the company you keep.
There are many players in the home improvement lending game these days, but some are simply a smarter choice than others. Not every organization offering payment options is a chartered bank, and that can make a critical difference between a smooth loan experience and a headache for you and your customer.
So, why should an HVAC contractor work with a chartered bank? Here are three key reasons:
A regulated bank may offer unsecured loans with no hidden fees, and a variety of loan products to meet your customers’ needs — including products designed to win bids, like true same-as-cash loans. Be sure to check out your options and work with a home improvement lender that’s an actual bank to grow your business and help you create a legacy.