Interior & Exterior House Painting Financing
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Loans for Interior & Exterior House Painting
Nothing refreshes and improves a home better or more quickly than a new coat of paint. It can transform the shabby and tired looking into something bright, clean, and vibrant. But if you are looking to get the whole lot done at once it can cost more than pocket change. If you don’t want to deplete your savings your best next step is to look into painting financing.
Applying for house painting financing is fast and easy:
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Can you finance interior and exterior house painting?
Yes! There are many options available to you for raising the cash needed to repaint your home, whether its the interior, exterior, or both. Let’s look at what the choices are and examine the pros and cons of each.
Best Home Improvement Personal Loans
Among the best companies offering finance for home improvements like painting are:
Avant offers loans of between $2,000-$35,000 for 2-5 years with a minimum credit score of 550.
Best Egg requires a credit score of at least 600 and will lend $2,000-$50,000 for 2-5 years.
LendingPoint needs a credit score of 580 or above for loans of $2,000-$36,500 with terms of 2-4 years.
OneMain Financial will lend between $1,500 and $20,000 for 2-5 years.
How do you finance house painting?
Personal Loan
A personal loan is probably the simplest way to get finance for any home improvement project, especially if you have a good credit history. Taking out a loan, particularly from online providers, is straightforward and remarkably fast. Interest rates are usually between 11-24% (though lower is available for those with good and excellent credit) and terms are usually 2-5 years.
- Pros: Easy to apply, quick funding, and reasonable interest rates.
- Cons: Those with fair or poor credit will find borrowing expensive due to high interest rates.
Financing Through Your Painting Company
Many large contractors offer payment schemes that help spread the cost. A typical example would be paying 50% on completion with the remainder paid over 1-4 months.
The main benefits of such a deal are that you don’t have to pay a single lump sum and any fees charged are usually low but you have to know exactly what is involved and what happens if not all goes smoothly.
More and more painting contractors are offering finance in conjunction with a lending partner. Once the lender has approved the finance they will pay the contractor on completion and then it is up to you to make the repayments over the time agreed. The contractor pays a fee to the loan provider for this facility.
Often these deals offer 0% finance if you repay within the period specified – usually 12 or 24 months.
- Pros: Simple because everything is “in-house”, qualification is usually easy, and interest rates are low or non-existent for that limited period.
- Cons: Beware going beyond the low-interest period – 25% is up there with payday loan rates!
Credit Card
Provided the project is a relatively small one, a credit card may be an excellent finance option, especially if you can qualify for a card offering low or 0% interest as an introductory offer.
- Pros: Easy to set up, flexible, and potentially cheap.
- Cons: Standard credit card APRs are quite high so if you have an outstanding sum at the end of the introductory period it is going to cost you. If you have a poor credit rating you won’t qualify for a low APR credit card.
HELOC
A home equity line of credit operates much like a credit card with the lender giving you a maximum credit facility, based on the equity you have in your home. You can draw from this as you need it for a set period, typically 5 - 10 years. During this time you only have to pay the interest (though it’s not recommended). At the end of the draw period, some HELOC providers require the whole loan to be repaid, while others offer a repayment period of perhaps 10 - 20 years with the borrower making regular monthly repayments.
A HELOC is basically a second mortgage so should you default your home is at risk of seizure.
- Pros: A HELOC is a very flexible way to borrow money, credit limits are often high and interest rates are low.
- Cons: Finding the monthly repayments is an extra burden on your income and if you miss repayments you may find your credit score adversely affected and face losing your home.
Home Equity Loan
A home equity loan is a second mortgage based on the equity you have in your house with the lender offering you a lump sum that you pay back over the term of the loan, usually five to 15 years.
- Pros: Usually cheaper than a HELOC and easier to see where you are financially.
- Cons: It is a fixed sum so doesn’t have the flexibility of a line of credit, it is another monthly outgoing on top of your mortgage, and your home is collateral and so at risk if you have difficulties finding the repayments.
Does painting increase home value?
According to research done by Zillow, painting your home increases the value and you’ll usually get back more than you paid for your investment. Not only are buyers prepared to spend a little more, a house is much easier to sell if newly repainted.
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What color adds the most value to a home?
The Zillow study asked almost 1,300 prospective or recent homebuyers how they responded to the colors of various rooms. The answers revealed some interesting statistics based on a $290,000 house:
- Buyers said they were willing to pay over $4,500 for a light blue bathroom.
- A main bedroom with dark blue walls adds nearly $1,500 (deep charcoal gray and rich forest green are also popular).
- Whatever color you paint your kitchen, avoid mint green, bright red, and yellow – unless you want to drop the price by nearly $2,000.
If you are thinking of selling your home, in general, warm neutral colors are good because it is easier for prospective buyers to envisage their own decor.
What are the pros and cons of house painting financing?
PROS
- Finance lets you get started on the project right away
- A loan allows you to spread the cost over time
- Painting your home adds value
CONS
- Most finance will cost you more than paying upfront
- Finding another monthly repayment may stretch your budget
What credit score do you need to qualify for house painting financing?
As with all finance options, the better your credit score, the easier you’ll qualify for better and more affordable loans. Generally speaking, a score of 550 is the minimum, and one of 660 and above is preferable.
Compare and apply
If you want to give your house a facelift, painting financing could be for you. When you have got your quotes and know the amount you need to borrow, just compare the lenders and choose the one that suits you. A streamlined application should see you with the cash you need in just a few days so you can get started on your painting project as soon as possible.
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