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Generator Financing Options

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Can You Get Generator Financing?

With generators getting more and more expensive, you may need to consider some generator financing options to make sure that you can afford the generator you need for your home. Medium sized home generators can range from $12,250 to 27,150, leaving some homeowners in need of a loan for generators. Whether you need home generator financing or commercial generator financing, there are options available. So what options are available? What is the best way to get the biggest generator for the cheapest amount of money and how do you make sure you aren’t paying it back for months on end?

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Learn More About Generator Financing Options

While it may be tempting to just get the first option that comes available, you should do your research. We hope to make that research a bit easier with our user-friendly information below. Keep reading to learn more about how to finance a generator and pay monthly.

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Can you finance a generator?

Thankfully, if you don't have the cash on hand to pay for the generator that you need for your home, you can easily finance most generators and pay for it all little by little. Whether you have a permanent or portable generator for use with your home or business, you can get a generator financed. Various generator retailers and manufacturers may offer generator financing, often with no money down and an affordable rate. In some cases, you may even discover a promotional offer through a retailer or manufacturer. While these offers can rope you in, pay attention to the terms and consider the monthly payment. Oftentimes, promotional periods are short resulting in high monthly payments. If you need more time than the promotional period allows, you may face extremely high interest rates.

Some homeowners use personal loans for generator financing, and this can be a great option. With good credit, you can secure a competitive interest rate and fixed monthly payments. Personal loans can provide you with the funds you need to purchase a generator while allowing you to make monthly payments with interest over the loan term.

Does Acorn finance generators?

Acorn Finance has lending partners that can offer generator financing. While Acorn Finance is not a lender, they offer a platform that allows consumers to check and compare loan offers from top national lenders.

Who does Acorn use for generator financing?

Acorn Finance partners with top national lenders to provide a competitive platform for consumers to check personal loan offers. Our lenders place a special focus on home improvement financing, which includes generator financing. Some of our top-rated lending partners include Upgrade, LightStream, SoFi, Axos Bank, best egg, OneMain Financial, and more.

What size generator do I need for my house?

Picking the right generator will certainly take some time, and might require the services of an electrician if you don't want to do the math on your own. First, look at everything that will need to be powered by the generator. The list will include all your electrical devices, TVs, lights, fridges, ovens, and more. If it is plugged into a wall socket, it is going to be powered by the generator.

Each equipment piece has a starting wattage (the wattage on starting up) and a running wattage (the power when the device is turned on and resting). If you add all of the starting watts and the running watts together, you get a number. That number is how much power your generator needs to supply to run all your items. Then you can pick a generator that will handle that load.

For example, if you have 5 items with a running wattage total of 200 watts, and a starting wattage of 400 watts, getting a generator that holds 410 watts or more will allow you to power everything you need.

Will a 10000 watt generator run central air?

The air conditioner is easily one of the most important things that you need to run, but they do take a ton of power. You need to follow the directions above and figure out the starting and running wattage of your air conditioning unit. This information can either be found in the manual for the unit or online by looking up the manufacturer. Thankfully, most AC units don't exceed 10,000 watts, so yes a 10,000 watt generator should run central air. It might even allow you to power a few more items as well.

Will a 12000 watt generator run a house?

A 12,000 watt generator is on the larger, more powerful side of generators. It should provide power for most of your home. Pretty much anything that you plug into an outlet including TVs, refrigerators, lights, fans, and so on, should maintain power with a 12,000 watt generator. However, you should still run wattage calculations to ensure that a 12,000 watt generator will provide enough power to run your home.

Will a 15000 watt generator run a house?

As one of the largest generators available, a 15,000 watt generator will likely provide more than enough power to run a house. In some cases, you may need a 15,000 watt generator, depending on your wattage calculations. A generator of this size can provide you with a constant source of power that will last long and power everything you might need. To run some of the most critical appliances such as the refrigerator and freezer you probably only need 5,000 to 7,500 watts.

Is there a tax credit for a whole house generator?

Of course, if you can get a tax credit on anything, you certainly will want to. The Residential Energy Efficient Property Credit can provide you a tax credit for the generators installed in your home. Other alternative energy equipment may qualify for the tax credit as well. Tax credits can vary depending on your state and the fuel source for the generator. You will want to make sure the generator of your choice qualifies for any available tax credits before purchasing.

Are whole home generators worth it?

If you live in an area that is affected by natural disasters, power outages, or other problems, a backup generator can be a lifesaver. If you live in a rural area, a whole home generator may especially be worth it. Additionally, if you work from home you are able to power your devices and continue to make income, even during a power outage. Again, the need for a whole home generator depends on where you live, but if you do have several power outages in your area, then you might need to invest in a whole home generator. Regardless of your location, if you can afford to keep a generator handy, it can be useful.

How much can I borrow for generator financing?

Generators are available in a variety of sizes and a variety of prices. With generators ranging from $2,000 to $20,000+, you may need financing to afford a generator. Luckily, you can get financing for the entire amount of a new generator, as long as you qualify. Personal loans may be the easiest financing option to qualify for, and the most affordable too. Some lenders offer personal loans up to $100,000, which should be more than enough to cover a generator. However, the loan amount you qualify for can depend on your credit score and other factors. If you are using in-store or promotional financing, you should be able to cover the cost of the generator as well, but again you'll first need to qualify. Lenders want to ensure that you have a good credit score and that you can cover the monthly payment. If you have less than perfect credit you may still qualify for generator financing, but you may be offered a higher interest rate or lower loan amount. If you are considering financing a generator, you might want to decide how much a generator will cost. Once you know how much a generator will cost, you can apply for financing and see if you qualify. If you want to ensure you have financing secured before visiting the store, you can check offers at Acorn Finance with no impact on your credit score.

How long can I finance a generator?

The term available for generator financing usually depends on the lender, what you qualify for, and how much you are borrowing. Most lenders have a variety of terms available, depending on your loan amount. Some lenders may offer a rate sheet online that can show you available rates, terms, and loan amounts. You may want to review rate sheets before applying for a loan. If you have excellent credit, it's likely that you will qualify for the lowest interest rates. If you are using a personal loan, you may find terms up to 12 years. However , if you are only borrowing a few thousand dollars it's not realistic to expect a 12 year term. Most personal loans range between 12 to 84 months. Before you commit to a loan you will know the interest rate and loan term. If you use a fixed personal loan, you should know your monthly payment before committing to the loan. While it may be tempting to search for the lowest monthly payment, you should search for the financing option with the lowest overall loan cost. If you use in-store or promotional financing, you may find much shorter terms ranging from about 6-24 months. Again the loan term available will likely depend on how much you spend.

Can I get home generator financing online?

With online lenders gaining popularity, you can now secure generator financing online. You may even be able to pick out the generator you want to purchase online. Before applying for financing you should know which generator you want to purchase so that you can apply for the appropriate loan amount. If you want to see if you qualify for financing offered by a retailer, you may be able to submit an application online. Alternatively, if you prefer to use a personal loan, you should also be able to submit an application online. Most lenders offer an online process that allows you to get prequalified. In some cases, you may be able to complete the entire loan process online.
If you use a personal loan, you will want to secure the funds before purchasing the generator. If you use an online lender, you may be able to complete the process online and receive funds in as little as 1 business day, although funding times may vary. If you use financing offered by a retailer, you should be able to get a quick approval, usually on the spot.
Shopping generator financing online can give you more options. Not only can you easily compare financing offers but you can also compare generator prices. There is less pressure when shopping online as you are on your own time and no someone else's. In some cases, you may feel confident completing everything online but if you have questions during any part of the process, don't hesitate to reach out for help.

Why are generators so expensive?

Manufacturing generators required skilled labor, materials, and overhead, all of which can drive up the price. If you need to have a generator professionally installed, this can add to the cost as well. If your home needs a backup generator, the installation may be complex. First, the generator probably needs a foundation. Next, you will likely need gas lines and electrical wiring. This may require the help of a certified electrician. Lately, you will need to test the generator to ensure it works properly. All of these steps are in addition to the cost of the actual generator. Generators need to be built to last, thus requiring high quality materials and advanced technology.

What are the pros and cons of generator financing?

In some cases you may need a generator. Since this may be a need and not a want, that can change the pros and cons of generator financing. Before taking on debt to finance items, you should always consider the pros and cons. Whether you need or want a generator, financing can help you get the best generator. A generator is an item that is likely to come in handy at some point or another, even if you didn't think it would. The pros and cons of generator financing can vary depending on your situation. While we can recommend some basic pros and cons of generator financing, you should prepare your own personalized list of pros and cons. Here are some pros and cons of generator financing.
Get the generator you need: if you live in an area that is prone to power outages or severe weather, you may need a generator. If you only have so much cash available, you may be forced to buy a generator that is not powerful enough. When it's time to use the generator and it's unable to put out enough power, you may feel as if you wasted your money. Financing can allow you to purchase the generator that is best for your needs.
Fixed monthly payments: If you use a personal loan for generator financing you may be able to take advantage of fixed monthly payments. If you use financing offered by a retailer, you may have fixed terms, but you may need to calculate the monthly payment required to pay the loan off within a promotional period. Fixed monthly payments are easier to manage.
Competitive interest rates: Generator financing can offer competitive interest rates. Next time your power goes out and you are able to continue working, you can start to recoup your investment. Alternatively, you may be able to stay in your home, even during a power outage, again recouping your investment. Even if you have to pay extra to finance a generator, it can still be a smart investment.
Taking on debt: Anytime you finance items such as generators, you are taking on more debt. The key to taking on debt is making sure that you can manage the payments and repay loans within a timely manner. If an extra monthly payment is going to test you financially, you should not finance a generator.
Interest and fees: Financing a generator may come along with interest and other fees. You will want to consider total loan costs before deciding that financing a generator is the best financial decision.Closing Thoughts
Power outages and natural disasters can disrupt your life. However, owning a generator can allow them to disrupt your life a little less. In addition, it can help prevent the loss of a freezer or refrigerator full of food or a potential income loss if you work at home. Alternatively, perhaps you want a portable generator to power your mobile home or RV. There's financing for that too. While you may be able to secure financing through a retailer or manufacturer, you should compare financing offers. In addition, you should be 100% confident that you can cover the monthly payment. At Acorn Finance you can check offers for generator financing without impacting your credit score. You should consider checking offers before going shopping for a generator. This can send you out on an important mission as an educated consumer in terms of financing options available.

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