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Old 01-15-2014, 06:56 PM   #1
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Default Financing for Clients

I know a lot of HVAC companies offer financing for larger jobs. I was wondering if any of you guys have heard of/seen any painting companies offering financing (external) to their clients? GE capital is one that a lot of places use, but they won't offer financing for paint jobs. I'm sure I could go around to local banks and credit unions, but that seems like it would take a good deal of time.

I guess I could just finance internally, if I didn't care about cash flow and had a half million sitting around that I wasn't using..
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Old 01-15-2014, 07:07 PM   #2
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I finance every project under $10,000 until we are finished at the end of the week. They can also finance with there Visa or Master Card
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Old 01-15-2014, 07:09 PM   #3
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Kev from Fresh Coat was the pioneer in this movement. Not sure how it worked out.



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Old 01-15-2014, 07:22 PM   #4
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We let them finance 1/3,1/3,1/3 from start of job until the end. We have had a few jobs that were over 10 grand and they never asked about financing. Paid when we asked for a payment. I don't know if I would do that.
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Old 01-15-2014, 07:44 PM   #5
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I don't really like having people hire us, who are not financially positioned to do so.

Since painting (for the most part) is for decorating purposes (interiors), I would recommend they save up if it is not in their budget. Hvac can be a little different if you need to spring for a new furnace in the middle of the winter, or risk everything freezing.. It makes sense for that sort of credit to be readily available...

Painting, not so much.
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Old 01-15-2014, 08:51 PM   #6
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I don't really like having people hire us, who are not financially positioned to do so.

Since painting (for the most part) is for decorating purposes (interiors), I would recommend they save up if it is not in their budget. Hvac can be a little different if you need to spring for a new furnace in the middle of the winter, or risk everything freezing.. It makes sense for that sort of credit to be readily available...

Painting, not so much.
Enerbank is the big one....and there are smaller companies that also go thru them...there out of georgia....

Most people who use it...don't need it...

Its a great program if you get approved. ..
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Old 01-16-2014, 04:19 PM   #7
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We have used EnerBank for about 5 years. Financing to customers is a great way to grow your business. We also accept Credit Cards. Our average jobs are probably a tad higher than most, so financing makes all the difference.

The least amount to finance is $5k and up to $55k, I think. We allow them to finance 70% of the job. 6 months, no interest, no payments. Can't be any easier.

It is not easy to get your company into EnerBank, but once you do, you will be glad ya did
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Old 01-16-2014, 04:48 PM   #8
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We have used EnerBank for about 5 years. Financing to customers is a great way to grow your business. We also accept Credit Cards. Our average jobs are probably a tad higher than most, so financing makes all the difference.

The least amount to finance is $5k and up to $55k, I think. We allow them to finance 70% of the job. 6 months, no interest, no payments. Can't be any easier.

It is not easy to get your company into EnerBank, but once you do, you will be glad ya did
I've tried. .your right...and you have to do 500k/year but like I said there is a smaller finance company that goes through enerbank
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Old 01-17-2014, 10:57 AM   #9
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On a case by case basis we can offer a delayed payment plan to our clients. We typically ask for 30% down and then equal payments are due at monthly intervals for 3-6 months. We do not charge interest. We need a credit card from them that we debit monthly until the balance is exhausted. 10k can be a big nut for some people when it comes to redecorating their home.
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Old 01-17-2014, 11:01 AM   #10
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On a case by case basis we can offer a delayed payment plan to our clients. We typically ask for 30% down and then equal payments are due at monthly intervals for 3-6 months. We do not charge interest. We need a credit card from them that we debit monthly until the balance is exhausted. 10k can be a big nut for some people when it comes to redecorating their home.
10k is and I'm surprised some of these customers have never asked about financing.
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