FAQs

General

Who is Chowder?

Chowder is a financial technology company that offers lease-to-own solutions to help homeowners afford important home systems. We partner with contractors and provide a simple platform they can use to offer flexible payment options at the point of sale. This makes it easier for homeowners to get what they need while helping contractors grow their business.

What types of products does Chowder lease?

HVAC

What are the lease-to-own options?

The Chowder Lease-to-Own Program is a true lease-purchase where the consumer makes a periodic payment and, at the end of the term, owns the household system they lease. Lease terms can be either 48, 60, 72, or 96 months, with Early Purchase Options available.

Chowder's program does not involve an extension of credit such as a loan or retail installment sale. While no credit history is required, Chowder obtains information from consumer reporting agencies in connection with your lease application.

What is the difference between a “soft” and “hard” pull on my consumer report?

When we check your credit, there are two types of checks: a hard pull and a soft pull.

A hard pull shows up on your credit report and can impact your credit score.

A soft pull does not affect your score and is only visible to you when you request your credit report from Experian, TransUnion, or Equifax.

Some other credit reporting agencies don't offer soft pulls. So, if we review your information from those agencies, it might show up as an inquiry. But don't worry, these inquiries should not hurt your credit score with the major credit bureaus.

What do we mean by “bad credit – no problem”?

Chowder can approve all levels of credit scores. This means that you do not need to have any consumer credit report history or a good credit score to be approved for a lease. We mean it when we say, "Bad Credit - No Problem." At Chowder, we believe that you're more than a score, so we look at multiple data points in order to make a final decision, and we regularly approve customers who have little or no consumer reporting history or credit score.

How do I make payments?

Chowder offers flexible and convenient payment options. The easiest and most reliable way to stay on track is to exercise your option to enroll in autopay. With autopay, we'll automatically withdraw your scheduled payments from the bank account you provided during your application based on the payment schedule in your contract.

Autopay helps you avoid missed payments, late fees, and service interruptions.

You can also make extra payments at anytime by calling us and using a bank account, credit card, or debit card.

For the most worry-free experience, we recommend enrolling in autopay.

When will my payments be deducted/how much will my payments be?

Your payments are scheduled once a month, typically on or around your payday. The amount is based on the cost of the system or equipment you're purchasing, and the terms provided at the time of your approval. Please refer to your lease agreement for full details on your monthly payment amount and due date.

What is the initial payment?

The initial payment is the first payment made when signing the lease agreement. It’s the same amount as your regular monthly payment and helps start your lease-to-own agreement.

What if my equipment is damaged or defective, or I received the wrong equipment?

At Chowder, we always confirm with the customer that they are satisfied with the equipment and installation before finalizing the agreement. We understand that issues may occasionally arise with your unit, and your first step should be to contact the contractor who installed it to answer any questions or to resolve any issues.

If you're unable to reach the contractor or have difficulty resolving the issue, please don’t hesitate to call or text us at +1 833-550-0505. We're here to help.

Can I return the property?

Yes. If you would like to return the property, please give our Customer Service Department a call at +1 833-550-0505 and we will work with a local contractor to set up a time to pick up the unit.

Who owns the equipment I am leasing?

After your product has been installed and you sign the lease agreement, Chowder purchases the product from the contractor. Chowder owns the product until you make all of the lease payments, at which time you will obtain ownership.

Who do I contact if I have a question about my lease?

Our Customer Service team is here to help with any questions you may have about your lease. Feel free to call us at +1 833-550-0505. We’re happy to assist you.

What is the Cash Price of the equipment?

The Cash Price is the total cost of the equipment purchased from the contractor including sales tax, installation, delivery, and other fees.

What is the Early Purchase Option (EPO)?

You have the right to purchase the equipment at any time during the lease term. You need to refer to your contract for your EPO price. You do not obtain any ownership rights until you have paid for the equipment in full or through fully exercising an EPO.

Where can I access a copy of my rental/lease purchase agreement?

A copy of your rental/lease purchase agreement was emailed from customer@chowderfinancial.com to you after it was signed. If you are unable to locate that email, please call or text us at +1 833-550-0505, and we will be happy to send you another copy.

How is my total lease amount calculated?

The total lease amount is based on the Cash Price of the equipment plus the cost of lease services. Please note that in most states, sales tax is required on rental payments and will be added to your monthly payments.

How is Lease Purchase different from a credit transaction?

Traditional financing relies heavily on your credit score for approval and typically includes interest charges that are disclosed as an Annual Percentage Rate (APR). In contrast, a lease purchase—like the one offered by Chowder—considers multiple factors beyond just your credit score and charges leasing fees instead of interest.

With a credit transaction, you're borrowing money to buy a product that your purchased and repay it over time, usually with interest. With a Chowder Lease, we purchase the product you select from your contractor, and you lease it from us. Chowder owns the product during the lease term, and you have the option to take ownership after making all required payments, or earlier through your Early Purchase Option.

Chowder charges fees for its leasing services. While credit transactions charge interest, we do not charge interest; just straightforward terms designed to work for you.

Contractor

If I have questions about the program who do I speak with?

Just give us a call at +1 833-550-0505 or email us at contractor@chowderfinancial.com

How can a contractor get started offering the Lease-to-Own Program?

Once I become a Chowder partner, how soon can I start submitting customer applications?

You can instantly start submitting customer applications once you are approved and you have completed training that covers Chowder's program and process.

How soon will my account be funded?

Your account will be funded within 1-2 business days after the customer confirms installation.

How much can my customers be approved for through Chowder?

Customer may be approved for up to $18,000.

How does the process work?

As a contractor, you register for approval, your customer applies, you install, and then get funded quickly. Learn more about the process on our site, or through our Contractor Portal after you register.

Homeowner

Will the application process impact my credit?

Applying for a lease with Chowder should not impact your credit score; however, we do look at credit bureau reports, and this inquiry may appear on your credit report.

How long does my approval last?

The application is valid for 30 days from the date you apply. During this period, Chowder relies on the information you initially provided to evaluate and maintain your approval status.

Can I use my approval through any contractor?

No, you must go through a Chowder-approved contractor to apply.

How much can I get approved for by Chowder?

You can be approved for leasable equipment valued at $300 to $18,000.

How do I apply with Chowder?

Complete an application.
If approved, go shopping for your household system.
Sign your lease and make the initial payment.
Get your item installed or delivered.

What do I need to be eligible to apply?

Be 18 years or older.
Own a home.
An active and positive bank account history.
A monthly income of at least $2,500.00.

Do you charge an application fee?

Nope! It’s free to apply.

FAQs

General

Contractor

Homeowner

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