If you’re looking for options to finance plumbing work and repair projects, there are several choices available. You could pay using a credit card, which is the fastest way to pay but can also be expensive because it carries high interest rates and accrues interest each month, even if you’re making your payments on time.
Alternatively, you can use a personal loan to fund plumbing repairs or improvements. Personal loans are available from many different lenders, and they can be either secured or unsecured. Secured loans require that you put up some type of collateral (like a car or a home), and they typically have lower interest rates than unsecured personal loans.
Another option is to borrow money from a friend or family member. This can be a good choice because you won’t have to worry about paying back the loan if you don’t manage to do so, and it can be easier to qualify for than a lender-funded financing solution. However, you should be careful about taking on too much debt because it can damage your credit score.
Finally, you can also use a line of credit to finance your plumbing project. Lines of credit work in a similar way to credit cards, but they offer a fixed spending limit and you only pay interest on the amount you spend each month. However, the risk of foreclosure if you fail to make repayments on your line of credit is real, so it’s not suitable for homeowners who don’t have sufficient equity in their homes.
Offering plumbing financing can help your customers by giving them the flexibility to get the work done now and pay it off over time. This can be especially helpful when a plumbing issue is urgent, or for large-scale upgrades and replacements like installing a new Jacuzzi tub or energy-efficient water heater.
In addition to helping your customers, offering plumbing financing can help you attract more clients and increase revenue for your business. It’s a great way to compete against competitors and attract new clientele who would not have considered your company without the ability to finance their projects.
ServiceTitan’s integrated customer financing solution is a great way to provide plumbing financing for your customers. We’ve partnered with the leading financial providers, including GreenSky, Service Finance, Turns, and Financeit, to simplify the process of adding financing to your service orders. All you need to do is select the plan you want to offer your customers, and they’ll be able to apply online or in-person with a few quick questions, find out their approval status, and complete their loan process through ServiceTitan. Our partner lenders will handle the specifics of their loans and payments, so you can focus on your plumbing business and attracting more customers