Solar At Scale - Solar Closer Mastery

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Solar At Scale - Solar Closer Mastery

Financing Solar

Humm

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Humm Finance offers interest-free loans, which classify as “Buy Now, Pay Later” products.

We use Humm when a customer knows they have bad credit or when we think they will not get approved by other finance companies for whatever reason.

This is because Humm will approve most applicants.

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Humm Special Approval.pdf

44.2 kB

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Merchant Portal

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`Humm 0% Interest Buy Now, Pay Later`⁠
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Pros:

Will approve almost anyone, especially over Special Approval

Easiest approval process with only driver’s licence needed and instant approval

Can take credit card or bank account as payment

Cons:

Highest dealer fee

Only goes up to 5 years so payments are usually higher than Plenti over 6 or 7

Customer reviews are not as good as Plenti

Application Guide - 0% Interest

Humm will ALWAYS need the following docs from the customers:

Details from Driver’s licence

We don’t need to upload an image of the document, but if the customer has a Card Number because of the Optus Breach, we will need to include that in the application for ID purposes.

The Interest-free loan applications fall under Buy Now, Pay Later products which means that at the moment (July 2023) they don’t need any income documents to approve these applications.

Humm Rates - 0% Interest

2 year (24 months) - 9.9% of System Sale Price

3 year (36 months) - 13.2% of System Sale Price

5 year (60 months) - 21.45% of System Sale Price

Finance Rates

How to calculate

How to calculate the dealer fee into your sales when needed. If you use OpenSolar and you select the correct payment option, it will do this for you automatically. However, if doing it by hand follow this structure:

C = Cash price, F = Finance Price, D = Dealer Fee

C / (1 - D) = F

Always round up to the nearest dollar

For example, on a 5 Year Loan with Humm for a $10,000 system:

10,000 / (1 - 0.1485) = F

10,000 / 0.8515 = 11,743.9812

We put this through on Humm as $11,744

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