The ability of consumers to obtain credit is an important driver of the U.S. economy, as it stimulates growth by allowing consumers to purchase items they may not be able to pay for with cash. Obtaining credit is especially important for those who need to purchase big-ticket items, such as heating and cooling systems.
But qualifying for financing has become more difficult for many Americans, particularly those who have lost jobs, taken pay cuts, or gone through bankruptcy or foreclosure. All of these issues can lead to lower credit scores, which may prevent consumers from obtaining loans through traditional lending institutions. This is why some contractors are looking not only to their regular lenders for financing options, but to other sources as well, including local credit unions, subprime lenders, and even themselves.