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People seeking to finance replacement windows and or vinyl siding for their home have the usual options, plus several unique considerations.
Taking out unsecured (no equity) or secured loans puts money in your checking account upfront, which allows homeowners to shop around for the best price and service.
Co-branded credit cards available at many dealers and contractors have tricky features (promotional offers with deferred interest) that may not be ideal for every person.
Finally, energy-efficient upgrades can save money on your utility bills, while homeowners insurance may pay for repairs associated with sudden losses, and asbestos grants may help with removal costs on older structures.
Financing Replacement Windows
Homeowners looking to finance replacement windows can choose between several options while keeping energy efficiency in mind.
- Loans provide money upfront and fixed monthly installments that retire debt according to a pre-determined schedule
- Private label credit cards can have zero-interest promotional offers but flexible payments that allow debt to grow quickly
- Tax credits no longer apply, but energy savings can make your monthly payments more affordable
Taking out a loan to finance replacement windows for your home puts you in control of the process. You can choose between unsecured and secured contracts.
If approved, the lender deposits money into your checking account enabling you to shop around for the dealer with the best prices and service reputation
Start a personal loan request here (Affiliate Link) to fund your window project. Personal loans are unsecured, making them an ideal alternative for people without enough equity in their homes.
You do not have to pledge your home or another asset as collateral. The lender accepts your signature promise to pay. In the event of default, you do not risk the bank foreclosing on your property.
Secured loans are another popular way to finance window projects for people with sufficient equity in their homes. Ideally, your loan to value ratio (LTV) should be 80% or lower to qualify.
Equity-based home improvement loans often have the smallest monthly payment because of the lower interest rate, possible tax breaks, and longer repayment terms. However, you put your home at risk in you default on any transaction secured by the value in your property.
- Cash-out mortgage refinance
- Home equity loan
- Home equity line of credit
People often wait to explore financing while at the window retailer showroom or store. Waiting so late in the game puts you at a disadvantage because you limit your choices to the programs presented by the merchant.
Often, these dealers refer prospects to a third party bank managing a co-branded or private-label credit card program with promotional “deferred interest” offers.
- Zero interest if paid in full by the end of the promotional period
- Sky-high interest (29%) if $1 of the balance remains at the end of the period
- Revolving accounts have flexible payment structures that allow debt to snowball if you make only the minimum payment each month
The Window World financing program is a private label credit card issued by Wells Fargo. The bank manages the revolving account while the merchant attaches their brand name, and supports promotional offers for purchases in their showroom.
The Window World credit card contains a deferred interest feature.
- Zero percent interest during the promotional period if paid in full
- 99% APR from the date of purchase if a balance remains
Home Depot offers two types of financing programs that consumers can use to fund windows for their residence and other projects such as kitchen remodels, and flooring upgrades. As with other retailers, a third-party company manages these private label programs.
- Citibank Retail Services issues the Home Depot credit card designed for smaller needs. The card permits customers up to six months to repay purchases of $299 or more at an interest rate ranging from 17.99% – 26.99% based on eligibility.
- GreenSky Credit backs the Home Depot project loan to fund ventures costing up to $55,000. Customers have up to 84 months to repay the loan at a low 7.99% interest rate – if qualified.
The Lowes Advantage Card is a private label financing arrangement backed by Synchrony Bank. The Lowes Advantage Card supports two types of promotions for windows and many other home improvements, including hot tubs, swimming pools, and HVAC equipment.
- Additional 5% discount on qualifying purchases charged to the account
- Zero percent interest on transactions above $299 if paid in six months with deferred charges if a balance remains
Andersen Windows and Doors is the manufacturing company and does not seem to offer to finance as they do not interface with the public directly. Customers need to locate and contact a certified dealer or contractor for purchase and installation.
Renewals by Andersen is a full-service window sales and installation subsidiary that deals directly with the public. The Renewals subsidiary does offer two financing options through a private label lender (Greensky).
- 99% APR for 60 months subject to credit approval
- No interest if paid in full within 18 months with deferred interest from the date of purchase if a balance remains
The Pella Windows and Doors Company provides financing via a private label credit card issued by Wells Fargo Bank. The Pella Company runs special offers that can change at any time.
- 50% off installation costs for qualifying purchases
- 0% APR for 48 months
The co-branded Pella credit card does not appear to be a deferred interest offer because the minimum monthly payment retires the debt by the end of the promotional period. Read the contract language carefully before enrolling.
Homeowners should not expect to factor the energy-efficient residential windows tax credit into the financing equation. The federal government phased these credits out, and they are no longer available in 2019 or 2020.
The tax credits for renewable energy installations remain until 2021 but do not apply to windows and siding. However, do not overlook the projected savings on gas and electric bills, which stay in effect far into the future.
Upgrading to EnergyStar rated windows can lower heating costs in the winter and cooling costs in the summer – depending on the average temperatures in the region where you live. This chart depicts the projected annual savings on utility bills, which can offset a portion of the monthly payment.
|Single Pane||Double Pane|
Financing New Vinyl Siding
The program options for financing new vinyl siding projects are very similar. Homeowners can take out loans with fixed monthly installments on their own. Or, they can tap into private label credit cards with flexible payment arrangements offered by the siding company or retailer at the point-of-sale.
However, homeowners have two additional considerations to fund repair project depending on the cause of the problem (sudden losses vs. the ravages of time), and the material being removed (rotten wood or asbestos) but not the replacement substance (fiber cement, cedar shake, faux stone, metal, aluminum, vinyl, etc.)
Getting your homeowners’ insurance policy to pay for new vinyl siding is the most affordable financing option. Nothing beats having a third party with deep pockets honor a repair claim.
However, read your policy carefully to understand exclusions related to rot and water seepage, and possible endorsements for limited matching.
Do not expect the insurance to cover the replacement of rotten wood siding. Rotting damage probably occurred over the years and is a sign of poor maintenance or continuous and repeated seepage.
Your insurance will only cover claims for home repairs resulting from sudden unexpected losses.
- Damage from hail
- Ripped off shingles from high wind
- Fire and lightning strikes
Also, read policy contract carefully and look for language describing limited matching coverage. A matching endorsement comes into play when the damage affects only part of your home rather than every single square inch.
You may not be able to find the same siding materials as styles change, and companies cease manufacturing many products or brands over time. Ideally, you want to replace 100% of the items to create a uniform look instead of different shades, colors, textures, grades, etc.
Consider all of the parts that may not look the same after restoration if you address only the damaged portion.
|hooks||mounting blocks||corner trim|
|door trim||drip caps||end caps|
Finding asbestos siding removal grants can significantly lower the cost of your project and affect the amount that you need to finance. Asbestos is a heat-resistant fibrous silicate mineral used in construction until the federal government banned its use in 1978 because of its connection to lung disease and cancer.
Many older homes may still contain asbestos in siding, roofing shingles, pipe insulation, and other areas. Removal and disposal are hazardous and expensive.
The Environmental Protection Agency provides grants (Brownfield Funding) to states to help address perceived contamination. Contact your local state department to determine if monetary assistance is available for asbestos removal in your area.