We offer financing for homeowners — to get the job done right, right away. We know it’s difficult to set aside enough money for emergencies. Especially if it’s a major out-of-the-blue plumbing problem and there’s simply not enough left available on your credit cards.
Our financing as provided by banks is frequently at interest rates well below credit cards. It can be interest free for as long as 24 months in some cases. That should provide more than a little stress-relief for you.
You can use the financing for any plumbing work we do that falls within the allowed loan amounts. It’s typically used for repipes, major leak repairs, pipelining, sewer line replacement, and remodeling.
Benefits of Financing
- It’s easy to sign up. You just scan your drivers license and an app automatically populates the loan application. You add your social security income, annual income, and email address. It can take as little as 1 minute.
- Approval rates are high. There’s no credit score requirement, but a score of 640 or more is typical.
- If you’re approved you still have the option to decline the loan.
- You can finance anything from a minimum of $3,500 to a maximum $65,000.
Terms and Conditions
Although an application can take just a couple of minutes, it pays to study your options before making a final choice. There’s two main options.
- An interest-free “promotional” period of 6, 12, 18, 24 months, and in some cases longer.
- You pay no interest if the full amount (plus any origination fees) are paid before the promotional period expires.
- If you don’t you’ll owe interest (commonly 5 to 24%), accumulated from the date the loan originated along with the remaining balance.
- A payment plan with a reduced rate APR (annual percentage rate).
- Interest rates range from 0 to 27 % with terms of 5, 7, 8, 10, and 12 years.
- You can pay the loan off early without any added prepayment fees.
We look out for our customers. Here are a few points you should keep in mind.
- It’s wise to crunch the numbers for your options, considering both the total amount of interest you’ll pay as well as how much the monthly payments need to be.
- Be as sure as you can be that you can pay off the deferred interest option within the promotional period if you choose this option. Otherwise you could end up paying a high interest rate over a long period.
- These loans don’t pre-qualify, so the “hard credit pull” can have a negative effect on your credit score.
- Don’t forget your options such as various types of bank loans, including home improvement loans and second mortgages. You might qualify for a Federal Housing Administration Title I Loan. And if you have excellent credit you might apply for a 0% interest credit card offer.
NOTE: This blog post is for your introductory information. It’s your responsibility to read and understand the details of any actual offer.
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ASAP Drain Guys & Plumbing is A+ BBB rated and have been serving San Diego since 2001. Learn more or contact us any time.