Laminate Flooring Financing
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If you want to buy laminate flooring on finance, you probably want to purchase it for a new home or are seeking to replace flooring in your home. But, as you might have already concluded, laminate flooring may be expensive. Some homeowners may need to buy laminate flooring on finance.
The good news is, you can finance flooring. In some cases, you may even have more than one financing option. Some financing options may even allow you to fund other home improvement projects in addition to new flooring.
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Before choosing what type of financing is best, read carefully below as we explain what financing may entail.
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+What is laminate floor financing?
Some individuals may know laminate flooring exists but are unsure of how to go about it. When you finance laminate flooring you can receive the funds needed to pay for labor and materials upfront and make monthly payments over the loan term with interest. This can allow you to get the flooring you need without dipping into your savings.
In some cases, you may be able to secure financing through a retailer or manufacturer, but this is not always an option. Before you put laminate flooring on credit, you should consider all available options. If you are making other home improvements in addition to the flooring, you may want to use one loan to fund all of your projects. In the following sections we will help you understand various laminate flooring and home improvement financing options.
Do flooring companies offer financing?
Some flooring companies may offer financing. While offers can vary, you may be able to find a flooring company that offers promotional financing. If the retailer you are working with offers promotional financing, you should listen to what it entails. In some cases promotional financing can offer a 0% interest rate for a certain term. While this can be considered the same as paying cash, you'll want to pay close attention to the terms. Promotional financing is often only available for a short term, resulting in high monthly payments. If you are unable to repay the loan in full during the promotional period, you may be charged extremely high interest charges.
Promotional financing is not always an option and for some, the payments may not be affordable. Personal loans can be used for financing laminate flooring. You may even be able to qualify for a personal loan amount high enough to cover other home improvement projects. In some cases, personal loans have lower interest rates than credit cards, thus making them a smart financial decision. Installing new flooring should increase your home value allowing you to recoup some or all of your investment when it's time to sell. Investing in home improvements is usually always a good idea, as long as you can afford to pay cash or cover monthly payments with financing.
Can you finance wood flooring?
Wood flooring or laminate flooring can be financed. Hearing that may take some stress off your shoulders. Most financing will cover labor and materials. As we mentioned above you may have the option of using financing offered by a flooring company. Other wood flooring financing options can include a personal loan or home improvement loan, a credit card, or maybe even a secured loan. Secured loans require collateral and are more commonly used for larger home improvement projects such as full remodels. Personal loans on the other hand, do not require collateral or money down and can make financial sense for financing wood flooring.
How can I finance a floor with bad credit?
If you want to buy laminate flooring on finance with bad credit, you may or may not have options ready. For example, those with credit scores that are considerably poor, such as between 300 – 500, might not be able to secure financing for their flooring. Unless, of course, they find a flooring company that will finance without a credit check. Which is easier said than done.
Anybody finding themselves wondering if you can finance flooring with bad credit should know that your credit score, history, and current income level will be some of the most important factors that lenders will look for. If you can prove that you have lots of consistent income and minimal debt, you might be able to qualify, but more than likely you will not qualify for flooring financing with bad credit.
How much does it cost to install 1000 square feet of hardwood floors?
Laminate is usually used as a cheaper alternative to hardwood flooring. Of course, some homeowners may actually prefer laminate, not just because it might be cheaper. However, before making a big investment in new flooring, you may be comparing your options. If you are wondering if hardwood floors may be within your budget, you'll probably need to speak with a professional. It can help to take measurements before going to the flooring store. This way you have a very good idea of just how much flooring you need.
For a rough estimate you can use the following averages. After parts and labor, the average cost for hardwood floors is anywhere between $6 – 15 per square foot. So, in total, hardwood flooring may cost between $6000 to $15000 for everything. Whether hardwood flooring is in your budget or not, laminate can represent good value for consumers. In addition, laminate flooring can strongly resemble hardwood floors and is extremely durable.
How do people afford new flooring?
While some people may pay cash for flooring and others may use financing, don't worry about what other people do. If you need or want to get new flooring, evaluate your options and choose the option that you think makes the most financial sense for your situation. Paying cash may be cheaper than financing but if paying cash means emptying your savings account, that can be risky. Some people prefer to make monthly payments with interest. If you are one of those people, you should use flooring financing.
How much does it cost to install 1000 square feet of laminate flooring?
If you have taken measurements, you may have concluded that you need about 1,000 square feet of laminate flooring. So what does it cost? While prices can vary, we have some average figures below. In some cases, with the proper tools and ambition, you may be able to install laminate flooring on your own to save some money. However, if it's in the budget it may be better to hire a professional.
Typically, the materials and labor will be between $3 – $6 per square foot, or $3000 to $6000 total.
How do you get a floor loan?
Before you set out on the hunt for the perfect flooring, you should have an idea of what your financing options are. It may be helpful to check offers at Acorn Finance before you go to the flooring store. This can give you a reference of what you may qualify for and what monthly payments might look like.
If the flooring company offers financing you can compare your online offers to an in-store offer. This can help you determine which option is best. If you decide to use an offer from an Acorn Finance lending partner you can receive funds as soon as 1-2 business days.
What credit score do I need for laminate flooring financing?
The credit score you need for laminate flooring financing can vary depending on the lender. Since a laminate flooring loan is usually an unsecured loan with no collateral, it's likely that you will need good credit to qualify. In some cases, you may qualify with fair credit but offers will be more likely to be returned for borrowers with good credit. Most lenders on the Acorn platform have a credit score cutoff of 600 or above. If you have less than perfect credit you will likely have an easier time qualifying for a personal loan as opposed to promotional financing offered through a retailer. Alternatively, if you are making several home improvements, including laminate flooring, you may want to consider a secured loan such as a home equity loan or home equity line of credit. You will need equity in your home to qualify, but secured loans may be easier to qualify for with less than perfect credit. In addition, you may be able to lock in a lower rate. The downside is that you will have to use your home or another asset as collateral and the application and funding process can be lengthy. If you only need to finance laminate flooring and installation, you should try to qualify for a personal loan or use financing offered through a retailer. If your credit score does not allow you to qualify at this time, you should apply with a cosigner or work on rebuilding your credit and apply at a later date.
How much can I borrow for laminate flooring financing?
The amount you can borrow for laminate flooring can vary. While that may not be the answer you want to hear, that is the truth. In most cases, you should be able to borrow enough to cover the flooring and maybe even the installation too. There may be other costs associated with laminate flooring as well such as removal of the old flooring or padding for the new flooring. In most cases, these costs can be bundled into the loan as well. If you are using financing offered through a retailer, you will need to see if you can include all costs. In some cases, you may have to purchase the floors from them and have their installers do the work too. It may leave you with limited options when it comes to finding better deals. If you use a personal loan, you should be able to bundle all costs into one loan, as long as you qualify for enough money. Before you apply for a personal loan you should determine exactly how much your project will cost.. Once you have an estimate you can check offers at Acorn Finance without impacting your credit score. A personal loan can give you the freedom to purchase the floors anywhere and have the professional of your choice install them. You can even just use the personal loan for flooring and materials and install them yourself to save money.
Is laminate flooring financing worth it?
Upgrading your home can be a smart way to increase the value of your investment. While your home may not need new floors, they could certainly enhance the appearance of your home. Laminate flooring is an alternative to hardwood flooring that is known for its durability and affordability. While saving up and paying cash for laminate flooring is a more cost-effective option, financing can still be worth it. In some cases, you may not have time to save up. Perhaps you had a flood and a lack of insurance is forcing you to pay for repairs out of pocket. In a situation like this you will need to come up with money for flooring that you may not have. Financing can provide the funds you need to make home improvements such as laminate flooring while allowing you to pay in monthly installments. While it's convenient and possibly more feasible financially to make monthly payments, the convenience and comfort usually comes with a price tag. You may not notice how much financing costs when you make monthly payments, but it does cost money. Before determining if financing is worth it or not you should consider the total loan costs and what financing will cost you. If you can secure a low interest rate or promotional financing, you may just prefer to pay a little extra and finance your new flooring. However, if you only qualify for a high interest rate and financing is going to cost you more than expected, you may want to save up cash.
Ultimately, we all have our own unique goals and financial situation. There's a good chance that financing laminate flooring will align with your situation and make a whole lot of sense. However, you should carefully consider the pros, cons, and cost of financing before determining whether or not it's worth it to you.
How long can I finance laminate flooring?
The loan term available usually depends on the lender, the type of loan, and what you qualify for. Let us help you understand. If you are using a promotional financing offer through a retailer, it's likely that the term will be short. Maybe as short as a few months. You will need to check with the retailer to see what terms are available. It often depends on how much you spend. The other thing to keep in mind with promotional financing is that you do not always have to pay the balance off within the promotional period. However, if you do not pay the balance in full during the promotional period, you may face extremely high interest rates and other fees. This can end up costing far more than just taking out a personal loan from the start. Personal loans can offer more flexible terms. In some cases, lenders may even be able to offer terms up to 12 years with a personal loan. It's likely that you will not need this much time to repay a loan for laminate flooring but you should at the very least have more options when it comes to using a personal loan.
Can I get laminate flooring financing online?
A majority of lenders will allow you to apply for laminate flooring financing online. In some cases you may even be able to complete the entire process online. If you are using a personal loan you can check offers from banks, credit unions, and online lenders. If you are looking to receive multiple offers in a time-saving fashion, you should check offers at Acorn Finance. Our network of top national lenders can help you finance laminate flooring or other home improvement projects. If you prefer to finance with a retailer, you may be able to apply online but there's a chance they may want to force you into the store.
Closing Thoughts
Acorn Finance has several top-rated lending partners that specialize in home improvement financing. If you are considering any type of home improvement financing including flooring financing, you should check offers at Acorn Finance.
Acorn Finance has trustworthy lending partners that can offer APRs as low as 6.99% depending on your credit score. Individuals can discover simple and competitive payment options through Acorn Finance. At Acorn Finance, you can submit one application and receive loan offers in 60 seconds or less with no impact to your credit score. Once you have claimed the best offer and finalized the loan, you can receive funds quickly.
Are you ready for new flooring? Check financing offers today!
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