Vinyl Siding Financing

What is vinyl siding?

Vinyl siding is a type of exterior wrapping that can both improve the aesthetics of your home and provide weather protection against harsh elements.

Made from polyvinyl chloride (PVC), this type of siding is durable, affordable, and is ready-manufactured in your chosen color, so there is no need for painting and regular maintenance.

Can you finance vinyl siding?

If you can’t wait to save up for vinyl siding, there are financing options available that will provide you with the money you need to cover the costs of purchase and installation.

How does vinyl siding financing work?

The way in which vinyl siding financing works will depend on the type of financing you choose, but it typically involves receiving a lump sum, which you will then have to pay back in weekly or monthly installments over a fixed term, with added interest.

What are the different types of vinyl siding?

There are several different types of vinyl siding available, including:

• Clapboard Siding: runs horizontally across the house, end to end, overlapping one another.
• Board and Batten Siding: runs vertically, from top to bottom of the house
• Cedar Shake Vinyl Siding: has the appearance of real cedar shingles.
• Wood Grain Vinyl Siding: has the appearance of stained wood.
• Beaded Seam Siding: rounded notch along the bottom edge of the plank.
• Scalloped Siding: half-rounded shingles, also known as “fish scale”.
• Log Vinyl Siding: gives the look of a log cabin for a fraction of the price.

Since they are all crafted from the same material, the type of vinyl siding you should choose for your home depends entirely on your individual taste and the look you are hoping to achieve.

What are the different vinyl siding financing options?

If you are looking to obtain financing for vinyl siding, there are a number of financing options available to choose from:

• Cash from savings or easily liquidated assets: When you are looking to make a large purchase, you should always start by determining whether you can cover the costs with money you already have. Whether this is with savings or by liquidizing assets, using your own funds will always be the most affordable option and will prevent you from getting into debt.
• Through the contractor: You may find that your contractor will offer financing options if the overall cost is (typically) $10,000 or more. Many successful contractors will offer financing for a 12- or 18-month period, working with a third-party lender or credit union. You may be able to get a good deal this way, depending on your creditworthiness, but you should make sure that you cannot get a better deal through another lender before making a commitment.
• Personal Loan: A popular option for vinyl siding financing is a personal loan, providing you with a lump sum to cover costs. The loan amount and interest rate will depend largely on your credit score, each lender with different eligibility requirements.
• Credit Card: It is usually unwise to use a credit card to make large purchases as their high interest rates make them very expensive, often getting borrowers into debt. If you are able to find a credit card with a long 0% APR period and have some savings to use, this could still be an option for you.
• HELOC: A Home Equity Line of Credit can be a good option as they typically have high borrowing limits and low interest rates. The revolving credit means that you can use it as and when you need to, only paying interest on what you use. It is important to acknowledge that, since your home is used to secure the loan, you could be putting your home at risk should you default on repayments.
• Home Equity Loan: An alternative to a HELOC is a home equity loan, otherwise known as a second mortgage. Like a personal loan, you will receive a lump sum which is then paid back in monthly installments over an agreed term, paying a fixed interest rate. Again, as your home is used as collateral, you could lose your home if you fail to make repayments.

What are the pros and cons of vinyl siding financing?

PROS

• protect your home now before it gets damaged
• Increase your home’s value

CONS

• if the market changes, you may not make your money back
• you may have to continue paying the loan even after you’ve sold the house if you don’t use the equity to pay off the loan
• can be hard to secure for those with low credit scores

Top lenders that offer vinyl siding loans

	5/5 Find Your Rate
APR:	9.95-35.95%
Loan term:	2 - 5 years
Loan amounts:	$2,000 - $35,000
Hidden fees:	Origination fees in some cases, late fees when applicable
Minimum credit score required	550+
Extra perks:	Ability to change your payment due date twice during repayment term
Fund availability	In most situations, funds will be available within one business day

	4/5 Find Your Rate
APR:	7.15-17.99%
Loan term:	3-6 years
Loan amounts:	$5,000-$50,000
Hidden fees:	Origination fees, late fees, insufficient funds fees
Minimum credit score required	700
Extra perks:	Financial education include articles and tools such as various calculators
Fund availability	1-3 business days

	4/5 Find Your Rate
APR:	7.04-35.89%
Loan term:	3-5 years
Loan amounts:	$1,000-$40,000
Hidden fees:	Origination fees, late fees
Minimum credit score required	600
Extra perks:	Online Member Center allows borrowers to work on their credit and see their score as well as the factors that contribute to it
Fund availability	Varies; within 48 hours on average