As any homeowner who has dealt with a clogged drain or an urgent pipe repair knows, plumbing work can be expensive. In fact, some of the most expensive jobs you might do as a home owner are those for major plumbing projects like replacing your old Jacuzzi tub with an energy-efficient one or replacing your electric water heater with a solar one-jobs that can cost thousands of dollars. In such cases, if you don’t have enough cash saved, you may need to seek out financing to pay for the project. The good news is that there are a variety of options available to homeowners for paying for their plumbing work and repairs.
While paying with cash is the most logical and least risky option, not everyone has enough money in savings to finance large projects. Fortunately, there are plenty of alternatives for getting plumber financing, such as personal loans or credit cards. However, not all of these options are created equal, and it’s important to understand your choices so you can make the best decision for your situation.
In most cases, the best plumber financing is provided by independent lenders and credit companies that offer personal loans specifically for home improvement projects. These are unsecured loans that don’t require a mortgage, so they can be approved in as little as a couple of days with just a signature and verification of income. They also tend to have lower interest rates than mortgages, and they can be used for any kind of home improvement project, not just plumbing.
Another option for plumbing financing is a home equity line of credit (HELOC), which uses the homeowner’s equity in their home as collateral for a line of credit they can draw on to cover any expenses related to a particular project or emergency repair. However, HELOCs have higher interest rates than unsecured personal loans and can be difficult to qualify for. Plus, if you fail to pay off the loan, your lender could foreclose on your home.
Finally, there are several online lending companies that can provide plumbing financing through personal loans. For instance, LightStream offers competitive rates and same-day funding for qualified borrowers. Additionally, Upgrade provides a fast, easy online experience with no hidden fees and no hard credit pulls.
Lastly, some large plumbing companies will offer their own in-house customer financing, which can be an attractive option for homeowners who don’t want to deal with the hassles of finding and managing multiple different plumbers. However, this type of plumbing customer financing usually has limited credit limits and isn’t a viable solution for high-ticket repairs.