Investing in any home remodeling project is intimidating. Finding the right company with the right products, services, and prices can be hard and puts a lot of pressure on you as a homeowner.
Whether you’re looking for a siding, door, or window replacement, it’s a big decision and an even bigger investment.
At Southwest Exteriors, our goal is to alleviate the stress that comes with the cost of a project.
Video: "Four Ways to Finance YOUR Project at Southwest Exteriors" Linked Below
We are not the least expensive contractor on the market because of the quality products, services, and lifetime relationship we offer. However, we want to be affordable for everyone by offering a variety of payment options.
We offer four different payment options for you to be able to choose which is best for you. You can pay for half of your entire project before it starts and the other half once it’s completed or take up to ten years to pay it off.
In this article, we will go into the details of the four payment options Southwest Exteriors offers so you can feel comfortable and confident in financing your project.
How can I pay for my project?
Before getting into the different options to finance your project, we must note the forms of payment you can use.
We accept cash, check, or credit depending on which you prefer.
When you pay with a check or cash, you can get up to a 3% discount on the entire cost of your project. This is the amount that the company saves in processing fees when paying with a credit card, so we want to give that back to you.
Now let’s get into the different payment options for you.
Option 1: Pay some now, pay some later
The first option is to pay for part of the entire project the day of the sale and pay for the rest upon completion of the project.
For window and door replacements and concrete coatings, you can pay 50% upfront and the other 50% once the project is finished.
For siding, you can pay for 25% of the project upfront, 50% during the progress of the installation, and the final 25% once the project is finished.
When we say finished, this does not mean at the end of the installation day. You will not pay for the entirety of the project until the final walkthrough and finishing touches have been completed.
It is important to note while you are talking with other contractors and evaluating your options that you never pay for the full project upfront.
No matter what kind of deal a contractor offers you, paying for the project in full before any progress is made is a red flag. The contractor may be cash poor and barely surviving, and you never know if you will see them the next day.
The option to wait to complete your payment until the project is finished allows you to trust the company you’ve chosen for the job by knowing they must complete the project before getting your money.
Option 2: 0% interest monthly payments from six months to five years
The second financing option Southwest Exteriors offers is a 0% interest monthly payment plan from six months to 60 months (or five years).
Finding a monthly payment plan with 0% interest is incredibly rare with payment plans past six months from a private bank.
The minimum loan amount for this option is $1,000 and the maximum is $100,000.
Option 3: Fixed interest rate loan for five to 10 years
The third option typically more popular with more expensive projects is a fixed, low-interest-bearing loan as low as 2.99% for five to 10 years.
With this option, we offer you our entire portfolio of monthly payment options so you can choose which interest rate and longevity of the loan is best.
You can choose to pay 0% interest for up to five years as discussed in option 2 or can choose to pay 2.99%, 6.99%, or 9.99% interest for five to 10 years.
The higher the interest you choose, the more discount you can get on the entire cost of your project.
The minimum loan amount for this option is $3,000.
Option 4: Loan options for lower credit scores
If you have some red marks on your credit and are trying to build your score, this option may be perfect for you.
We work with a local lender, CreditNovo, that offers loans with an average interest rate to individuals with credit scores as lower than 680.
We want our services to be available to everyone, no matter your financial circumstance. It can be hard to get approved for a loan if you have a credit score lower than 700.
With this option, you can raise your credit score and also help remove any blemishes on your record as well.
It is important to note that if you choose this monthly payment plan, the discounts on your project will be less than if you were to pay by cash or check with Option 1.
The benefits of choosing a monthly payment plan with Southwest Exteriors over your bank
Adding another monthly payment on top of credit card bills, student loans, and a mortgage can be a bit scary.
Of course, you can take out a loan with your bank or a private lender to pay off your home improvement project. However, at Southwest Exteriors, our payment plans were designed to be the easiest and most affordable for you.
Here are the benefits of financing your project with Southwest Exteriors as opposed to an outside source.
1. Get your loan approved as fast as eight minutes
When financing a home remodeling project, the process to get a home equity loan can take anywhere from 60 to 90 days. There are many fees, appointments, and inspections that need to be completed to receive a home equity loan which costs you lots of time and money.
We do not need to do an appraisal or inspection and can get your payment plan approved at the time of your consultation or quickly over the phone in as little as eight minutes.
2. No prepayment penalties
Typically when you take out a loan from a bank, if you pay that loan off early, there is a penalty fee. The reason most charge this fee is because by paying your loan off early, the bank is losing money they were expecting to pocket from your interest.
If you pay your project off early with Southwest Exteriors, there are no fees, only the reward of paying off your project and crossing it off the list.
3. You get to choose your interest rate
If you decide to take a loan for five to 10 years for a project at a higher cost, you get to choose at what interest rate you’d like to pay.
When loaning from a bank, your interest rate depends on your credit score.
Is it common to finance home improvement projects?
Yes, it is common to finance home improvement projects. Many homeowners choose to finance home improvement projects because they don't have enough savings to cover the entire cost upfront or prefer to keep their savings for emergencies. Financing options for home improvement projects may include:
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Home equity loans: Homeowners can borrow a fixed amount of money using their home equity as collateral. Home equity loans typically have lower interest rates and longer repayment terms than personal loans.
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Home equity lines of credit (HELOC): A HELOC allows homeowners to borrow money as needed, up to a maximum amount, using their home equity as collateral. HELOCs usually have variable interest rates and flexible repayment terms.
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Personal loans: Personal loans are unsecured loans that can be used for various purposes, including home improvement projects. Personal loans usually have higher interest rates and shorter repayment terms than home equity loans.
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Credit cards: Credit cards can be used to finance smaller home improvement projects. However, credit cards typically have high interest rates and should be used with caution.
When considering financing options for home improvement projects, it's important to compare the interest rates, fees, and repayment terms of different options and choose the one that best fits your budget and financial goals. It's also important to remember that borrowing money comes with risks and should be done responsibly.
Easy monthly payment options made for you
Any word, phrase, or topic surrounding cost can cause a sweat and make the hairs on the back of your neck stand up. Nobody really likes to talk about cost, so we’ll be the ones to do it.
Now that you know all of your payment options Southwest Exteriors offers for your project, we hope you can go into your home remodeling project with us feeling comfortable with your options.
Although we are not the least expensive option for your window, siding, or door replacement, or concrete coating, what you get in return is quality products, installation, and service that will last you a lifetime.
Are you ready for your next home improvement project? Fill out the form on our website to schedule a free in-home consultation with a design consultant. Virtual consultations via Zoom are available for your safety and comfort.