Amidst the current economic uncertainty, offering financing solutions has become a crucial strategy for HVAC contractors aiming to stay competitive and drive growth. A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, and with homeowners facing even tighter budgets due to rising costs, many are hesitant to make large, upfront purchases. Financing provides an accessible pathway for customers to avoid financial strain.
According to Erica Leonor, director of business development, GoodLeap, the financing solutions provider, conducted a survey in which nine out of 10 contractors reported they boosted sales 100% by offering financing.
“This is not just focusing on replacement financing, but repairs as well,” she said during a breakout session at ACCA 2025.
Leonor was one of the expert panelists discussing the benefits of consumer financing and how to incorporate it into the sales process. Other panelists included Synchrony Vice President of Business Development Kelly Heller, Todd Grzybinski, president of FTL Finance, and Megan DeSilva, dealer direct national sales manager at Salal Credit Union.
Financing offers ways to make replacement — or even repairs — more affordable for customers, but it can have an added benefit as well. According to Heller, having financing options often increases the average ticket sale.
“We talked to the customer about their purchase path, their thought behind that, and then also to the dealers to understand how they see things come through,” she said. “Essentially, when financing is available, the ticket size is twice as much. On average, a customer who would've spent $3,000 to $4,000 is spending $6,000. [We found] 42% of people in the survey say they always seek out promotional finance on big tickets. And 62% of that population says that they believe that the promotional finance makes that large ticket purchase more affordable. Interestingly enough, we’ve all seen price increases, especially in this industry over the last few years. Financing is a huge factor in closing sales — 75% of our Synchrony dealers say that when they offer Synchrony financing, the average ticket goes up anywhere from 10% to 39%.”
One of the best tips for contractors is to train techs and comfort advisors to never make assumptions about customers and what they can or cannot afford. DeSilva advised to think of financing as part of the team.
“The people you're going to visit in their home, they're not there because they're buying a new car or a fancy ring,” she says. “They're there because it's a need. They need this because it's hot, it's cold — it's a need. Give them a solution up front and say, ‘Hey, we can do this for $250 a month. How does that sound?’ It makes it a lot less stressful for everyone in that situation. That becomes training for your sales reps. You’re going to find that education with your finance partners. Who you choose as a finance partner is going to help you all learn. They should be hosting sales training for your sales teams and teaching them how to present the offers.”
Grzybinski added that most people in the room have been to Home Depot and Lowe’s, and they don’t get offended when a 16-year-old asks if they want to put the purchase on their Home Depot or Lowe’s card. “You just decline. Give the customer the same option that they get every day from every store they go to. Give them a chance to turn down the financing. Don’t assume or make decisions for them. Big houses, big cars equal big debt. Those are the people that probably need to finance more so than anybody else.”
The paradigm is shifting — financing is not just for people who need credit. Some homeowners may have the cash but would rather not wipe out their bank accounts to purchase a new HVAC system.
According to Leonor, GoodLeap’s top financing option is a 15-year loan. “People are financing HVAC systems at 15 years — it’s crazy, but that’s exactly what they want — a low monthly payment.”
Many millennial homeowners are already used to the subscription payment model — think Netflix, Hulu, Peloton, and so on — so breaking a large purchase down into low monthly payments helps eliminate cost as a barrier.
In a market where consumer spending is cautious and competition is fierce, offering financing solutions is a necessity. It empowers contractors to close more sales and increase average ticket sizes. Just make sure you have the right partner offering the right solutions to fit your business.
