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Flooring Financing - What You Need to Know


Apr 11, 2023



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Are you looking for a new set of flooring but don't have the money upfront to buy it? Flooring financing may be the perfect solution for you!

The cost of purchasing and installing new flooring can be quite high, so many people prefer to take out some type of loan in order to cover the costs. However, not all lenders offer this kind of financing, which is why it's important that you do your research before committing to any loan.

Where To Find Flooring Financing

When looking for a suitable lender offering flooring financing, one recommended source is Hitch. Hitch offers competitive interest rates and flexible repayment plans with no hidden fees or charges. They also have a loyalty program which rewards customers who make consistent payments each month.

Important Considerations when Taking Out a Loan

Before taking out any loan, it is important that you consider all factors associated with the deal such as interest rates, repayment schedules, penalty fees and more. Make sure that you read through all documents carefully and understand everything before signing on the dotted line! Additionally, consider other sources of funding such as grants or crowdfunding campaigns that might be available in your area.

With the right lender and plan in place, flooring financing can be a great way to get new floors without having to pay the entire amount upfront. Be sure to do your research beforehand so you can make an informed decision about what’s best for your situation!

What Is Flooring Financing?

Flooring financing is a way for homeowners to purchase new floors without having to pay upfront in full. Instead, the amount provided by a finance company is given in periodic installments. This allows people who can’t afford large one-off payments to have access to floor upgrades they would otherwise not be able to afford. It also means that people with good credit are often eligible for lower interest rates when compared to other types of financing options like personal loans or credit cards.

How Does Flooring Financing Work?

When someone has decided that they want a floor financed, there are several steps involved in setting up the arrangement:

  • They must complete an application with their chosen finance company;

  • Once approved, they choose from various payment options available through their lender (like monthly or bi-weekly payments);

  • The funds are then released so that the floor installation can begin;

  • At each stage, payment arrangements can be tailored according to individual preferences and needs;

  • Finally, once all payments have been made, ownership of the new floor belongs solely to the homeowner!

What Are the Benefits of Flooring Financing?

A major benefit of flooring financing is that it helps people who have difficulty affording large upfront payments become homeowners without having their finances stretched too thin. Other advantages include flexible payment plans and rewards programs offered by some lenders as well as lowered interest rates for those with good credit scores. On top of these benefits, floor lending also means that people have more freedom when it comes to choosing their desired materials and designs due to increased access to different financing options available today.

Is financing an option offered by flooring companies?

Flooring companies and retailers may provide financing options to their customers, which can make their products more affordable and encourage higher spending. Some retailers may collaborate with lenders to offer attractive promotional deals such as 0% financing, but it usually requires a good credit score to be eligible. It's crucial to review the financing terms carefully before committing to any agreement. It's also advisable not to disclose your financing needs until you've negotiated the product's price as the retailer may try to increase the cost to compensate for any finance fees. Opting for a personal loan as a financing option can make you a cash buyer, giving you more leverage in negotiations.

During which time of the year are flooring sales commonly held?

The best time to buy flooring differs from other home products. While holiday weekends are ideal for purchasing appliances, the New Year period is optimal for buying flooring. Demand is typically lower during this period, which results in lower prices. However, if you can't make it to the New Year sales, mid to late May may also offer good deals. Retailers may be getting new products around this time and may want to clear out older inventory. Sales may also be slow as many people are preoccupied with upcoming events like Memorial Day and graduation season.

Timing Matters: When to Purchase Flooring

When it comes to securing a good deal on flooring, timing plays a crucial role. January is considered the best month to purchase flooring as prices typically drop during this time. Alternatively, mid to late May may also offer good deals. However, it's essential to prioritize value over cost as the cheapest flooring may not be the best option. Ensure that you shop for high-quality flooring at a discounted price. Like most things, flooring quality can vary significantly based on price.

Affordable Flooring Options

What is the most economical flooring choice? Vinyl flooring is one of the most affordable options, known for its durability and waterproof properties. It can be installed in any room and is easy to maintain, with a lifespan of up to 25 years. Proper installation is essential to ensure the longevity of vinyl flooring, which comes in a range of colors and styles that can mimic different flooring types. The average cost of vinyl flooring, including installation, ranges from $2 to $12 per square foot. DIY installation, with the aid of instructional videos on YouTube, can save $1 to $2 per square foot. Vinyl flooring is recommended for use in kitchens, bathrooms, basements, family rooms, and laundry rooms. If you want to emulate the look of hardwood or stone flooring at a lower cost, laminate flooring is another affordable option. However, it may not be as durable as vinyl, and homeowners should avoid installing it in moisture-prone areas like the kitchen and bathroom.

Can you use different flooring types in different rooms of your home?

Choosing flooring for your home is a matter of personal preference, and there are no strict rules to follow. You can choose to have different flooring types in different rooms or have the same flooring throughout the entire house. However, for consistency and flow in your home decor, it's recommended to keep the flooring consistent. If you want to create separation between spaces, you may consider using different flooring types for specific areas, such as one type of flooring for bedrooms, another for hallways, and another for kitchens, laundry rooms, and bathrooms. If you're having difficulty visualizing what your home would look like with different flooring, you can use online design programs to see a projected image of your design.

What are some ways to finance new flooring?

Financing new flooring can be done in several ways. One option is to obtain flooring financing through personal loans, which are available to people with good or bad credit. Alternatively, individuals can save money over time to pay for new flooring, or use credit cards or home equity loans or lines of credit to fund the purchase. It's worth noting that credit cards often carry high interest rates and lower spending limits, while home equity loans generally have lower interest rates but require collateral and can be difficult to secure. Additionally, some flooring retailers offer financing options to customers.

Does your credit affect your ability to finance new floors?

Your credit score can affect your ability to get approved for flooring financing, and a low score may result in higher interest rates and shorter repayment periods.

If you're thinking about upgrading your home's floors but don't want high upfront costs getting in your way, consider applying for floor financing from a reputable lender today! Be sure to read all details carefully before committing and take advantage of any rewards programs or flexible repayment plans that could make hardwood floor ownership even more affordable for you! Join our growing team now and check out our offers!

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Hitch, Inc. NMLS #2383367 #2383367

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1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.

2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.

3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.

4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.

5. The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.