Podcast 54: Increase Your Sales By Offering Financing with Chris Tibbetts

Consumer financing programs like same-as-cash financing or low monthly payment financing are commonplace in the retail world. Why? Because they help those businesses attract new customers and close sales. So why are some roofing contractors reluctant to offer financing? In today’s interview, I dig into the ins and outs of offering customer financing and how to do it the right way.

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What you’ll hear in this episode:

Chris’ background in the Rhode Island family-owned bank
When does a client need to go to the bank for a loan—What can you do?
How Chris works with the homeowner and the roofing company to get the loan that’s needed
The application and pre-qualification process
Chris’ marketing department: What they can do for the roofing contractor
How contractors are using the service and making it work
Why the loan is based solely on credit scores and debt ratio with terms up to 20 years
The type of loan: FHA Title I Loan
There is NO “downside” for contractors
How the loan works for non-owner-occupied homes and multi-family homes
The nationwide federal program