two men and a woman sitting around a table

SNAP Home Finance Launches New 240-Month Amortization Product

Imagine yourself sitting around the kitchen table with your prospective customers. You’ve discussed the work that needs to be done and the products they’ll need to complete it. The only problem is their vision is bigger than their budget. And now they’re wavering. To try and salvage the project, you scramble to try and figure out alternatives that are more in line with their budget. But they’re still not convinced and now you’re about to lose this sale.

How Do You Save the Sale?

For many dealers, this is an all too familiar scenario. Customers will always want the best of the best, but in many cases, it just isn’t possible with their financial constraints. Instead of having to resort to inferior solutions to make it work, what if you could close the deal on the spot by giving them exactly what they want with an even lower monthly payment?

This is why we’ve developed our 240-month amortization product, which allows you to offer your customers a shot at getting exactly what they want while keeping the monthly payment affordable. Plus, cost is often one of the most common customer objections—being able to address it before it comes up as an issue will increase your chances of crossing the finish line for that sale.

Check Out How Much Amortization Affects Affordability

The chart below shows how amortization affects the customer’s monthly payment.

Amortization Period and Corresponding Monthly Payment
Loan Amount 60 Months 120 Months 180 Months 240 Months
$10,000 $207.54 $126.62 $101 $89.91
$15,000 $311.31 $189.93 $152.06 $134.86
$20,000 $415.08 $253.24 $202.74 $179.82
$25,000 $518.85 $316.55 $253.43 $224.77

How 240-Month Amortization Can Help Your Business

In addition to successfully closing more deals, it also allows you to increase your average ticket, since customers will be able to afford additional or higher-end products that would have otherwise been out of their price range. And because this program is the first of its kind in the home improvement lending category, you’ll be able to stay one step ahead of your competitors by offering your customers a more tailored solution.

As always, your Business Development Manager is available for more information about the 240-month amortization program or to share more tips on how you can successfully close more deals.