Finance

[coolcatkelso]

Hi Guys

I've been wondering about offering my customers Finance for re-roofing works. As you know, replacing a roof is expensive and most roofs costing about £5000+

Just wondering if anyone here offers finance?

 

[abrocky]

You could offer a `pay in installments` agreement over a number of months/years - though no APR can be added to this.

For true finance, you will require you to apply for a consumer credit licence then find a credit provider to work with.

 

[^woody^]

It may be worth using a finance company, so that you get paid at the end of the job and don't have to do any chasing or waiting for money - nor needing the additional headache of becoming a licenced provider of credit

 

[TonyW2]

If you chose the invoice sale route with a financier, watch out very carefully that the agreement can't come back to bite you if the customer somehow fails to pay the financiers.
Customers that can't afford the work or can't organise their own finance don't seem attractive.

 

[^woody^]

I think it would be a good business selling point, as many people may not be able to, or want to, pay £5k in one chunk, but may prefer £100 p/m. So there could be an advantage to the company that offers finance at a competitive rate ... not Wonga rates!

But yes, do your homework