Pinnacle Finance Blog

March 20, 2016

Improving Credit Trends for U.S. Consumers

Good news for dealers looking to grow business by offering financing options to potential buyers – the average FICO credit score, a key component to financing decisions, is at an all-time high in the US.  Based on a recent FICO blog there has been significant improvement in FICO scores since the Great Recession.  The national average FICO score in April 2015 is at an all-time high of 695, up from a low of 686 in October 2009.   The data for those two time periods also indicates that 19.9% of the population has a credit score of 800 or higher, […]
March 21, 2016

The Tough Question of Markup in the Remodeling Industry

We always talk about ways to grow our business. In the remodeling industry, one way is to offer credit options. Another is to partner with the right industry associates. There’s also the obvious – get more clients and more referrals. One aspect of your business you should examine is your markup. Are you marking up your projects properly and enough to make a reasonable profit in order to stay in business? For a long, long time. With pricing wars that can occur when bidding for a job and the internet at everyone’s fingertips, it’s easy to feel unsure that you […]
April 20, 2016

Verification Calls – Help Us Fund You Faster

  At Pinnacle Finance one of our most important goals is to fund our dealers/contractors as quickly as possible.  Typically one of the most common delays in funding a new loan is the completion of the verification call with the customer which is required prior to funding each new loan.   Once we reach the customer the most important part of the call is for us to make friendly contact with our mutual customer.  During the call we confirm that the work is complete, go over the details of the financing, explain the billing and payment process, confirm their mailing address […]
April 21, 2016

Drones in the Remodeling and Construction Industry

The use of drones in the remodeling and construction business has become a hot topic in the past couple of years. Drones are an innovative technology that can be extremely useful to contractors in many ways. But there are also very tentative feelings surrounding the use of drones in the remodeling industry because there is a lack of firm rules and regulations by the government and FAA. It definitely leaves contractors feeling uneasy in how they can use them and if they are using them properly, so as not to cause trouble or even break a law. There are great […]