Service Finance is a nationally licensed finance company and approved FHA Title 1 Lender that provides a wide variety of financing plans, including promotional, fixed rate, and hybrid ones, that contractors can choose to offer customers looking for a way to finance their HVAC jobs.
To offer financing through Service Finance, contractors must have been in business for a minimum of 1 year, be licensed in the state and/or jurisdiction they do business in and provide said license as proof upon enrollment. Contractors should also have trade credit references and a credit report in good standing. If needed, financial statements are requested to justify extension of credit.
Once contractors have submitted their complete application to Service Finance, it typically takes up to 2-3 business days to process their application. However, if further financial statements are needed, this could extend to up to 10 days.
No, Service Finance offers finance products to consumers with good credit as well as consumers who have bruised credit histories. They buy deepest in the credit cycle – down to 580 FICO scores.
Service Finance pays contractors via ACH (Automated Clearing House) when they request payment via the Portal. The funds are typically disbursed 24-48 hours after payment is requested.
