As homeowners, we all know that it can be costly to get the plumbing work and upgrades we need. Whether it’s an emergency situation or we just want to install a new Jacuzzi tub or upgrade our water heater, the costs can add up quickly. While paying cash is the best option, sometimes it’s not feasible if you don’t have enough on hand. For those times, plumbing financing can be the answer.
The most popular type of plumbing financing is a personal loan. These loans are unsecured, meaning that they don’t require collateral or assets to secure the money. Instead, a lender will evaluate the borrower’s credit history and income to determine if they qualify for the loan. Many online and in-person lenders offer this type of financing, but some are not reputable. Some of these lenders have elevated interest rates that make the loans unsustainable for borrowers. Additionally, they don’t always provide repayment terms that are appropriate for a homeowner’s needs.
Another popular method of plumber financing is a home equity line of credit. This is also an unsecured loan, but it is secured by the borrower’s home. This means that if the borrower doesn’t pay back their loan, they could lose their home. This is a riskier way to obtain plumbing financing, but it can be useful if you need large amounts of money.
Whether you are an established plumbing business or just starting out, it’s important to have working capital on hand. This will help you cover expenses such as payroll, taxes, equipment rentals, and marketing. Unfortunately, not all small businesses can get the funds they need through traditional sources. Some lenders offer specific types of funding for plumbing companies, including SBA 504 loans, which are best for those who need more than just working capital.
In addition to a robust invoicing and payment system, it’s crucial for a plumbing company to have access to affordable banking services. This will allow them to acquire the capital they need to grow and continue serving their customers well. Fortunately, there are many options available for plumbing companies. Here are some of the most popular:
Integrated customer financing removes the guesswork and awkwardness for plumbers who may be hesitant to mention financing to their customers. ServiceTitan’s partnerships with top providers like GreenSky, Service Finance, Turns, and Financeit streamline the process so that plumbers can easily offer their customers financing solutions. Additionally, plumbing businesses can customize their own financing plans, ensuring that every financed job is profitable. With these simple tools, plumbers can focus on providing superior experiences to their customers and growing their business.
