Replacement Window Companies With Payment Plans
Window replacement can be costly but financing is often available. Homeowners can get low-interest payment plans from window companies in their area.
Window replacement is costly, but the return on your investment in energy savings and an increase in home value will pay for itself over time.
So now that you have decided to replace windows, how will you pay for them?
This article offers helpful information on researching financing options from window companies and third-party lenders. Discover what to expect from replacement window companies with payment plans in your area or request a quote below.
Points to Consider When Financing Window Replacement
What will a replacement window cost and can I afford the payment? There are many options for choosing how to finance your replacement windows. Ideally, you will want to make an informed choice that saves you the most money and offers an easy application process.
Home Equity Line of Credit (HELOC)
This type of financing is a revolving credit amount in which your home is used as collateral. The amount that you have already paid on the principal of your mortgage gives you “equity” that you can borrow against.
You are approved for a credit limit, and as you pay on the balance, the amount of available credit is restored. The draw period on this type of credit line is typically ten years with full repayment in 20 years.
A HELOC can be a beneficial option for those homeowners that have multiple home improvement projects and do not wish to reapply for loans with each new project.
Home Equity Loan
This type of financing is similar to a HELOC because your home is used as collateral. You are also tapping into the equity you have accumulated through payments on the principal of your mortgage loan.
The difference is that you receive a lump sum payment and must repay the loan at a fixed rate for the life of the loan.
With both a HELOC and home equity loan there is risk involved. Your home is directly tied to the financing, and if you forfeit, you could lose the home.
Mortgage Refinance
If you refinance your existing mortgage, this could save you thousands that could be applied to financing your window replacement project.
Refinancing may also put you in a better position to secure a HELOC or home equity loan because the new mortgage loan will be less than the original.
Personal Loans
If you are a new homeowner and do not have enough equity in your home to consider some of the previous options, a personal loan may be your answer.
Personal loans can be attractive if you have a long-standing relationship with your bank or credit union. The rates depend on your creditworthiness and have a shorter payoff time, usually two-five years.
Credit Card Loans
Using your credit card could be attractive because there is no wait on credit application approval.
Keep in mind that interest rates on credit card purchases are usually much higher than loans. If you consider using a credit card, look for special offers with 0% interest rates or shop for a reduced rate for new customers.
Do Home Improvement Companies Offer Financing for Window Replacement?
If you are looking to keep your window replacement project and financing all together in one place, many home improvement companies offer payment plans.
The financing options you will be offered depend on the type of home improvement company you are working with.
Regardless of which type of home improvement company you choose, you will want to consider:
- Interest rate
- Loan amount range
- Repayment time
Major Home Improvement Retail Companies
This type of home improvement company is part of a large chain that offers installation and financing. Often special promotion offers with lower interest rates are offered because the window replacement company earns money from not only your installation but interest payments as well.
When deciding to finance with a major home improvement retailer, it is important to comparison shop just as you would with lending institutions. Please note, the below rates and promotions are all subject to change. This is for informational purposes only.
Home Depot Window Loans
Offers two types of credit cards that are suitable for window replacement.
The Home Depot Consumer Credit Card:
- No interest if paid in 6 months
- 17.99% – 26.99% APR
- 12 – 24 months for repayment
The Home Depot Project Credit Card:
- 4 Tiers for APR (66 monthly payments at 7.42% APR; 78 monthly payments at 12.86% APR; 90 monthly payments at 16.24% APR; or 114 monthly payments at 19.96% APR)
- You can borrow up to $55,000
- No time limit on repayment
Lowe’s Window Payment Plans
Lowe’s Advantage Card:
- 7.99% APR (rate subject to change)
- For purchases over $2,000
- 84 months for repayment
Window Manufacturers With Installers
Looking to go straight to the manufacturer? Many name-brand window companies offer their own showrooms, licensed installers, and special financing that is not available to retailers.
Usually, special promotions are only given when using the window manufacturer’s installers. Make sure to ask about this before entering any financing negotiations if you are considering using your own installer.
Pella Financing
- Offer promotions like 40% off installation or 0% APR for 48 months
- Offers financing through Wells Fargo Bank, N.A and Greensky consumer loans
- Installation by local Pella Showroom installers only
Andersen Replacement Window Loans
- Special promotions for showroom customers
- Lines of credit up to $55,000
- Deferred payment option with no down payment required
Independent Replacement Window Companies
Often your local window replacement company will offer to finance. Why? There are typically two reasons:
1. Competition with large retail companies is tough. Independent companies do not have large investment dollars for advertising. They are competing with well-known brands to get their services out there.
Smaller independent window replacement companies risk losing contracts to large chains if they are not able to help the homeowner with options for paying for replacement windows.
2. Just as window manufacturers and major home improvement companies have learned the profit in having the customer not only purchase from them but also pay interest, independent companies that have established good relationships with banks also want to earn income from interest, too.
Before considering financing with an independent company, do your homework. Be prepared to research and ask about the following:
Reputation
What are others saying about the quality of service and reasonable price offered? Do yourself a favor and get reliable estimates from competitors before inquiring about window replacement financing.
Also, ask if installers are certified with window manufacturers or hold state licensure for home improvement such as residential window replacement.
Next, you will want to also look into the reputation of lenders the company uses for financing. Are the banks or lending companies federally insured?
Lastly, an independent contractor may offer to finance your replacement windows with their own money. To minimize your risk, don’t be afraid to ask for financial statements as proof the contractor has the capital to cover the full costs of materials and labor.
Down Payment
When an independent window replacement or general home improvement company offers to finance, a down payment may be required. The amount of the deposit varies and some states have laws about how much a contractor can require.
In some cases, you may be asked to give a minimum deposit of 5 – 10% with the expectation of the balance to be paid when the work is completed.
Make sure to ask about making partial payments over the course of the window replacement project.
For example, making payments in thirds. You give a 10% deposit and then 30% payment after materials are ordered, 30% payment at half completion, and pay the remaining 30% when the work is complete to your satisfaction and agreed-upon terms.
Interest Rates
Independent home improvement companies that replace windows may offer a lower interest rate so that they are competitive with larger retailers. This is great, but make sure to read the terms for repayment.
If a low-interest rate is offered over a specified number of months, make sure that you understand if the rate will increase and by how much if you are unable to make full payment in the time given.
Recourse for Unsatisfactory Work
Nothing is worse than finding yourself locked into a contract for payment and work turns out less than promised.
Protect yourself from disappointment and financial stress by having your contractor include details about how they handle customer satisfaction.
- Is there a warranty offered for both materials and the longevity of the installation? For example, suppose that you love your new windows but after 6 months you begin to notice drafts or cracking along seals.
- Clean-up: Will there be a daily clean-up that keeps your home livable while the improvement project is underway? Who is responsible for hauling away old windows and debris? If you will be responsible for waste removal, will the contractor reimburse you for fees related to dumping?
- Is there a guarantee clause? Ask to have details included in your contract that explain how your contractor will make things right if you are not satisfied.
This clause could include information on a timeline for work that needs to be improved and refund amounts that will be given if you are dissatisfied.
Find the Right Window Replacement Company that Offers Financing
Window replacement can be expensive, but making sure you are well informed about financing options can make this type of home improvement project a little less worrisome.
Keep the tips from this article in mind, or better yet, print them out for reference when you are ready to get your window replacement project underway.
If you are ready to find reliable replacement window companies that offer to finance, let us help. Get connected with companies today.
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