[I]f you’ve decided to take on the challenge of a major or minor renovation or remodel for your home, you probably know it’s going to cost you. Even if you save up for this job, you may end up with unexpected costs and issues. Two of the biggest home improvement stores can help with financing if you don’t want to go through a bank for a loan and you don’t have enough cash saved.
Home Depot Finance Options
Home Depot is one of the undisputed leaders for home improvement projects. It helps out homeowners with financing in two ways. First, there is the consumer credit card from Home Depot. You can start off with zero percent financing for a period of time before you are charged a variable rate, which is linked to your credit rating. You have no annual fee with the card.
Another option with Home Depot is a project loan up to $55,000. You’ll be charged a 7.99 percent APR with up to 84 months to pay it off. The first six months you only have to pay the interest. This is often the way to go if you want to finance the labor as well as the materials for your renovation.
Lowes Finance Options
Lowes offers a consumer credit card, which gives you rewards of 5 percent with each purchase. This helps reduce your cost for the project and allows you to charge your materials to pay later. There is no other financing options from Lowes, but it is an ideal choice for anyone who does their home improvement shopping at this retailer and only needs help paying for the materials because they are doing their own labor.
Of course, you can also apply for other credit cards which allow you to charge purchases or pay for the work. A home renovation loan with a bank will also allow you to pay for the entire project in monthly payments. Know your options will all take a good credit history so you might want to get a free copy of your credit report before you apply.
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