HVAC Business Owner to Home Improvement Financing Expert
Meet Ryan Cox
From owning an HVAC business to working on the financing side as the Assistant Vice President of Sales at Watercress Financial, Ryan Cox has proven to be a jack of all trades. Originally from Northeast Tennessee, Ryan saw his dad and grandfather struggle in the HVAC industry and learned first-hand how to better market and sell HVAC products to a wider range of customers. Ryan found a passion for helping other businesses succeed, training their teams, and, most importantly, educating others on the impact of offering home improvement financing. Keep reading to gain insights into Ryan’s unique perspective on home improvement financing based on his personal experiences.
Finding the Right Home Improvement Financing Partner
Q: What would you say to contractors looking to find the right financing partner for their business?
Ryan: The most important key is probably having a financing partner who can explain financing to your team. Not just explain, but do they follow up? Do you hear from them again? I’ve had many financing partners throughout my 20 years in this business, where I met them once and never heard from them again. My time at Watercress Financial has allowed me to establish relationships and get on a first-name basis with the teams we partner with. My goal is to really be there for them. I even have a code word that contractors can text me that lets me know they’re in front of a customer and need an answer to a question or additional support.
Home Improvement Financing – The Impact on Homeowners
Q: What types of responses have you seen from homeowners when financing is available?
Ryan: It’s just a breath of fresh air. It’s safe to say that no one ever wakes up in their house thinking, “Today is the day I want to buy a new air conditioner.” It just kind of happens, right? In all the trades: water heater, roofing, AC – you know they weren’t necessarily planning on it. They might have had an idea that it needed to be done, but it always somehow sneaks up on you. So rather than just paying tens of thousands of dollars out of their pocket, it can be a $150 monthly payment. They’re very thankful for that affordability, which gives you a huge advantage over anybody else who doesn’t have that.
Home Improvement Financing – “It’s Simple.“
Ryan’s Financing Advice to Contractors
Q: What piece of advice would you give a contractor who is new to offering financing?
Ryan: Don’t let financing confuse you. It’s very simple. A term like ‘payment factor’ can sound scary, but it’s just a simple way to give somebody an approximate payment amount. If I throw out a payment factor of .0116, that means that for every $10,000 you finance, your monthly payment will be around $116.
Q: What are some common questions contractors have about financing? Is it easy to get answers?
Ryan: Contractor’s most frequent questions are about filling out an application, what size of loans we approve, how long our loan terms can go, and interest rates. It’s easy to reach out and get clear answers by contacting your Watercress Financial sales rep or account manager. I try to get the cell phone numbers of everyone I work with so they can save their numbers in my phone. We have a great contractor support team here who can help answer questions, which is great.
Providing the Best Experience for Homeowners
Q: As a contractor, how can you provide the best experience for the homeowner from start to finish?
Ryan: Contractors should know that we will walk them through every step, and our program is designed for ease. If you can take a picture of a driver’s license, enter some basic information, and hit submit, that will populate an application. If you can send an email, you’re not going to struggle. We are here to walk you through the basics step by step. We can make it as advanced as you want for the pros out there or make it as simple as possible if it’s your first time offering financing.
Why Watercress Financial?
What Makes Watercress Financial Successful
Q: What makes Watercress Financial unique?
Ryan: Having used just about everyone in the industry, we have one of the lowest payment options and interest rates in the market, and we extend our loan terms to 180 months. With today’s prices and inflation, it’s not uncommon for many home improvement jobs to cost between $15,000 and $25,000 or above. If you’re looking to stay in an affordable range and not be in the realm of a car payment amount, Watercress Financial can keep expensive projects affordable.
Q: What is your favorite part of your position and working with our contractors?
Ryan: The success story. I’ll give you a perfect example. I live in Daytona and recently trained one of my previous employees with Watercress Financial. His company’s top-of-the-line air conditioner costs north of $20,000. He had never sold one in his career, but by presenting it with Watercress Financial and our low-payment options, he sold one the day we trained him. So, he was on cloud nine because he had never been able to make them that affordable before.
What Watercress Financial Offers
Q: What are some of the best things Watercress Financial can offer contractors?
Ryan: Right off the bat, I’ve been in the industry for 22 years, and why no one has made the Spanish language option available is beyond me. I just went down and trained in Miami, where half of the team spoke Spanish, so they were thrilled that we offered Spanish services and support. It’s phenomenal that we can speak their language quite literally.
Some of our offers include 6 or 12 months of no-interest products, where homeowners can have a little bit of financing but not stretch it out over time if they don’t desire to. To sum it up, Watercress Financial makes it easier for our contractors’ clients to say yes.
The biggest takeaway from our time with Ryan was that having a great home improvement financing partner can do wonders for your business and your clients—no matter the industry, project size, or customer base. Ryan’s unique experience from starting on the business side to now having a career in home improvement financing gives him a special perspective and ability to serve and support our contractors with a personal touch. Ryan not only understands what to look for in a financing partner from his history but knows how to deliver that to our partners in his career today. Ryan is a great example of our team’s collective dedication to providing white-glove service day in and day out.