Frequently Asked Questions
The most common questions we receive on a daily basis
If you can't find the answer to your questions please give us a call at 860.882.0288
Will the families we serve really be interested in monthly payments?
How do families view this program?
Very positively. Having convenient and affordable financing for monuments and headstones allows the families to honor their loved ones as they wish without financial limitations.
Do I have to sell monthly payments to my families?
No. Simply inform the family that monthly payments are available to those who qualify, and they will tell you if they are interested. Our society is very familiar with monthly payments.
You say my average sale (Average Transaction Value) will increase?
Yes. Numerous studies indicate consumers spend from 18 to 41% more when provided the option of paying over-time using monthly payments.
Speaking in terms of monthly payments?
Yes. It is much easier to speak in terms of a monthly payment of $200.00 (for a person with average credit) vs. the total cost for the monument at $10,000.
Loan amounts from $500.00 to $100,000?
Rates from 3.46%?
Yes, however be aware a 3.46% APR rate would be for an individual with exceptional credit. Currently the rate for an average borrower is 10.08% APR. Of course, an interest rate would reflect the credit worthiness of the specific borrower.
Options for all credit?
No pre-payment penalties?
This can be done right from my website?
Yes, most families will just go to the button on your website ‘Monthly Payment Programs’.
What is my businesses involvement in the transaction?
You, as the monument dealer, are not a lender and do not participate in any aspect of securing a loan on anyone’s behalf. You guide your family to our portal only as an accommodation at no additional charge and receive no compensation for doing so.
How much is this going to cost my funeral home?
We only charge a nominal fee to maintain your landing page and your participation in the program.
What do I do next?
Why is having this program important to my business and the families you serve?
We live in a credit society. Currently 70% of our population has less than $1,000.00 set aside for a crisis. Of these 35% have nothing set aside and 60% of our population don’t have enough set aside for a $500.00 car repair. How does our society function you may ask? Credit.
Is this just for the poor families?
You say my number of sales will increase by offering monthly payments?
Yes. Our clients are quite pleasantly surprised as you will receive more business because your dealership offers monthly payments…and your competitor does not.
A reduction in lost dales?
Yes. Financial considerations are one of the primary motivating factors families cite when not being able to select a monument, even though they would prefer to make a purchase. With monthly payments financial considerations are not an issue.
Over 40 lenders? Why?
Yes. We currently have 47 lenders on our panel. The reason is to secure the best possible successful lending outcome with the widest possible number of people.
Terms from 3 to 144 months?
Yes. While we typically recommend a 60-month term as that represents a reasonable monthly payment, there may be other situations where a family would wish a different term.
Down to 450 Fico scores?
Yes. Fico (Fair Isaac Co.) scores are the tool that most lenders use to determine the credit worthiness of a borrower. Fico scores range from 850, which reflects the perfect score down to 300, the least credit worthiness a person can have.
A typical lender will lend to a borrower with a 640 or above fico score. We have lenders on our panel who will lend to borrowers with a score of 450. This allows our funeral homes to work with families they otherwise would not have to opportunity work with.
No fees to apply?
Can this be used at need and pre-need?
Yes. Note It is much better to have a fully funded pre-need contract than one partially or unfunded.
Approvals in 60 seconds?
We utilize world class technology utilizing artificial intelligence and as such the results are typically returned closer to 6 vs. 60 seconds. This is valuable in helping the family to decide to purchase. .
Is my business exposed in any way?
No. Your business is NOT a party to the lending transaction in any way. Therefore, there is no exposure to your firm, even if the family defaults on the loan.
Each day we ask our families to invest thousands of dollars to celebrate the life of a loved one yet do not provide a financial means to achieve their wishes.
Can you think of another industry that sells high ticket items to consumers that doesn’t provide monthly payments? We can’t either.