Interior & Exterior House Painting Financing

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.

Avant

✔ Funding: Borrow $2,000 - $35,000
✔ Minimum Credit Score: 550
✔ APR: 9.95 - 35.95%
✔ Loan term: 2 - 5 years
✔ Funding turnaround: within 24 hours in most cases

With Avant personal loans, borrowers with fair to good credit scores can get access to super fast funding up to $35K. Best for debt consolidation.

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Best Egg requires a credit score of at least 600 and will lend $2,000-$50,000 for 2-5 years.

Best Egg

✔ Funding: Borrow $2,000 - $50,000
✔ Minimum Credit Score: 640
✔ APR: 5.99 - 29.99%
✔ Loan term: 3 - 5 years
✔ Funding turnaround: 1 - 3 business days

With Best Egg personal loans, borrowers with fair to good credit can get funding for 3-5 years and have the option to use the loan for a variety of purposes.

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LendingPoint needs a credit score of 580 or above for loans of $2,000-$36,500 with terms of 2-4 years.

LendingPoint

✔ Funding: Borrow $2,000 - $36,500
✔ Minimum Credit Score: 580
✔ APR: 9.99-35.99%
✔ Loan term: 2 - 4 years
✔ Funding turnaround: as fast as within 24 hours

With LendingPoint, borrowers with fair credit can obtain a loan between $2,000 - $36,500 and get funded within 24 hours. Origination fees may apply.

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OneMain Financial will lend between $1,500 and $20,000 for 2-5 years.

OneMain Financial

✔ Funding: Borrow $2,000 - $36,500
✔ Minimum Credit Score: no minimum requirement
✔ APR: 18.00 - 35.99%
✔ Loan term: 2 - 5 years
✔ Funding turnaround: 24 - 48 hours

With OneMain Financial, borrowers can obtain a personal loan of up to $20K without a minimum required credit score. Origination fees do apply and the lender offers bonus financial education tools and calculators.

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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.