A new garage door installation is something that you should be prepared to do, whether you’re moving into a new home or replacing a very old and out-of-date garage door. Of course, it’s one thing to fantasize about a new garage door installation. Paying for it is a whole other matter. However, you don’t have to give up on your costly dream garage door just yet. In fact, there are different ways you can finance your new garage door, so keep reading to learn how to finance a new garage door installation.
How To Finance A New Garage Door Installation
There are actually six ways to go about paying for your new garage door installation that is worth considering. Any one of these options will surely relieve any stress over paying for a new garage door.
1. Personal Budgeting
The most straightforward option for financing a new garage door installation is to create a personal budget. If you’re able to obtain a reasonable estimate for a new garage door installation, you can start putting together a budget to save for your garage door. That way, you can pay for it all at once. However, we understand that this option isn’t viable for everyone, which is why the next few financing options are worth considering.
2. Personal Loans
Personal loans are another way to go about financing a new garage door installation. For this option, you’ll need to adhere to the guidelines of the lender, so having a high credit score and steady income will help. That said, personal loans can be taken out for any reason, and approval is pretty fast. Just be mindful of the interest rates and whether or not you’ll be able to keep up with them.
3. Home Equity Loan
Unlike a personal loan, a home equity loan is based on the equity or the ownership you have over your home. More specifically, equity refers to how much you paid for your home outside of the outstanding mortgage payments. Applying for a home equity loan means that you put up your ownership of your home as collateral. For this reason, experts only recommend taking out a home equity loan if you have at least 80% equity in your home and strong credit. If you have both of those things under your belt, this option can be a great way to finance your new garage door installation.
A home equity line of credit (HELOC) is a non-fixed version of a home equity loan. In other words, A HELOC has an adjustable interest rate, meaning that payments change based on the current interest rate. You can borrow as much as you need for a set period of time while paying back based on interest. Of course, when the borrowing period ends, you’ll also need to pay back the principal rate. This option is ideal if your new garage door installation is part of a big home remodeling project.
5. Credit Card Rewards
Don’t forget to check out your credit card account and see if you have enough points to cash in rewards with home improvement stores. If so, take advantage of these rewards to help finance your new garage door installation. You’ll be amazed at the difference these rewards can make when paying for a new garage door.
6. Contractor Finance Plans
Finally, some garage door services offer their own finance plans. Even if they don’t list any on their website, ask upfront if they offer any. If they do, review the plans they offer and consider taking advantage of one of them to install your new garage door. A good garage door service will want to help you get your installation done successfully.
Our Team Will Install Your New Garage Door!
We hope that these different plans for financing a new garage door installation will help reduce the stress of keeping your home in shape. If you happen to live in Duncanville, you already have access to the best team around to install your new garage door. Contact us today at Garage Door Repair Duncanville for an excellent installation.