Many Are Not Qualifying

It has been more difficult for consumers to get approved for financing. The past few years have seen lending institutions tighten down on minimum credit scores for approval. And as our economy has weakened with people losing their jobs, having their wages reduced, or even being underemployed, it becomes more difficult for the average American to make ends meet. It is apparent that many are faced with the decisions week to week as to who gets paid this month versus do we buy food to eat. Of course this is not everyone, but a great deal of people that I come in contact with on a daily basis. Their situations naturally have a negative impact on credit scores, which does not allow them to qualify for financing a new HVAC system.

As far as options for alternative financing, they have none, unless “Uncle Bob” has the means to help them out. The local banks are just as rigid on the paper they will write for HVAC system/home repairs. Then you get down to the local consumer lending offices that tend to write higher credit risk paper at very high interest rates; they also seem to be less likely to handle the higher risk consumer.

I don’t have an answer for getting these customers financed. The people who could truly benefit from the lower operating cost of high-efficient HVAC systems (geothermal included) to help out with their monthly budget are the people that cannot get the financing to begin with.

Dean Meece
Branch Manager
Urbana-Champaign, Ill., area

Publication date: 11/26/2012