What to Know Before You Finance Window Replacements and Other Home Improvements

Model of house surrounded by stacked coins

From drafty windows to damaged siding, home improvement projects are an investment in the comfort, appearance, and overall good condition of your home. While some owners prefer to pay for these projects upfront, most rely on financing to make the work more affordable – and to get it done more quickly. Here, New Jersey Siding & Windows, Inc., offers a closer look at home improvement financing, including our in-house, 0% interest financing for qualified buyers.

Home Improvement Company Financing

If the idea of contacting multiple banks to track down the best rates or navigating complex loan types seems stressful, a loan from your home improvement contractor could be a great option. This type of home improvement financing is often interest-free, allowing you to cut costs if you pay on time. Additionally, you have the convenience of securing work and financing from a single provider, saving you time and effort. However, it’s especially important to work with a trusted home improvement company if you pursue in-house financing. Be sure to seek testimonials from satisfied customers that reference their work and their financing experience.

At New Jersey Siding & Windows, Inc., customers can take advantage of the following home improvement financing benefits:

  • 0% interest for 6 to 18 months
  • Flexible payment plans for up to $75,000 over 12 years
  • Numerous options from reputable lenders
  • On-the-spot application and approval

Credit Card Financing

Many home improvement companies, including New Jersey Siding & Windows, Inc., are also happy to accept major credit cards. This can be very convenient since no application or approval process is needed unless you wish to choose a new card. In general, it’s wise to use a low or 0% APR card to avoid increasing the cost of renovations with hefty interest fees.

One of the benefits of credit card payments is that your balance for the cost of renovations is immediately paid in full to your service provider. However, you’ll still be responsible for the monthly credit card payments to avoid debt building up, and interest can quickly accrue.

Bank Home Improvement Financing

If you prefer to work directly with a bank, there are several ways to secure home improvement financing. These include:

Home Equity Loans

These loans allow you to use your investment in your home to finance expenses like repairs and renovations. They offer competitive rates, and you’ll receive funds in a single payout, but you will need to repay any funds borrowed over time to restore the property’s equity.

Home Equity Lines of Credit (HELOC)

Unlike a home equity loan, a HELOC establishes a revolving line of credit that may be used whenever necessary in any amount you prefer (up to your available equity). This could be a good option for ongoing renovations, but be aware that you must replenish the funds to use them again.

Personal Loans

Unlike home equity loans and HELOCs, personal loans do not require collateral and are not linked to the value of your home. You will receive a single payout with this type of loan and are likely to pay a higher interest rate due to a higher risk for the lender.

Keep in mind that your credit score typically determines your ability to receive home improvement financing loans of any kind. Additionally, home equity loans and HELOCs may require a home inspection, closing costs, and more.

Learn More About Home Improvement Financing

With the right home improvement financing, you can make updating your Northern New Jersey home easy and affordable. If you’re ready to learn more about financing from New Jersey Siding & Windows, Inc., or to schedule improvements for your home, contact us online, explore our current special offers, and request a free quote by calling 973-895-1113 today.