Are you a homeowner with bad or limited credit history? Does your HVAC system need an urgent replacement? If you are looking for means to finance the essential repairs, a payment plan might be a great idea. While the number of payment plans has increased from 16.8 million to 180 million in 2019-2021 in the U.S., there are still a lot of myths circulating about this viable purchase solution.
In this blog, we will debunk the five most common myths about payment plans so that you can explore the great credit solutions Breeze Lease has to offer with peace of mind.
What Is a Payment Plan?
Payment plans are a type of short-term credit solution. This solution enables customers to make purchases they might not be able to afford with an upfront payment. With a payment plan, customers can pay for their purchases over time, and the scheduled payments usually come with no interest.
Five Common Myths about Payment Plans
Unreasonable Fees and Fines
Customers might be doubtful about payment plans, fearing unreasonable fees and fines. Fear not! At Breeze Lease, we always provide a detailed breakdown of the payment plan to our customers. This means no hidden fees and full transparency.
Negative Impact on a Credit Score
Are you worried that applying for a payment plan might negatively impact your credit score? To begin with, a soft credit check won’t affect your credit score. At Breeze Lease, we have you covered in case you want your credit score to stay intact.
If your payment plan is reported to one of the three major credit bureaus, this information could be visible on your credit reports and have an impact on your credit score. However, if you have a responsible financial mindset, you could easily rebuild your credit with reported on-time payments to credit bureaus.
Lengthy Process
Remember that HVAC system we mentioned in the beginning? If you need a replacement fast, getting approval for a payment plan is a fast and easy process.
At Breeze Lease, we are happy to facilitate a quick, easy, and seamless application process.
A New Credit Card Is Needed to Apply
Since there are no predefined credit score requirements for getting approval for a payment plan, you do not need to get a new credit card in order to apply.
No Customer Protection
According to the U.S. government, companies offering payment plans are accountable for any deceptions. As a certified lease-purchase solutions provider in the United States, Breeze Lease is proud to provide credit solutions that are secure and transparent as we always have your best interests in mind.
If you urgently need to replace your HVAC system or make any other costly repairs to your home, applying for a payment plan could be an excellent option for you. Our goal at Breeze Lease is to ensure all homeowners can take great care of their homes. We’re always here to answer any questions, so contact us today to learn more.