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Online Financing For A Water Heater
If you need a new water heater you might be worried about the cost and the hassle of getting financing. Fortunately, online financing has made it easier and faster to obtain the funds you need. Here are four reasons why online financing could be the best option for you.
1. Faster approvals.
Unlike traditional lenders, online lenders can provide a decision within minutes or hours. This means you won’t have to wait for days or weeks to find out if you’re approved for financing.
You can apply for financing from anywhere with an internet connection. This means you won’t have to take time off work or travel to a bank or credit union.
3. Bad credit options.
Even if you have less than perfect credit you can still get approved for online appliance financing. Many lenders specialize in working with people who have low credit scores or a limited credit history.
4. Cash in hand.
Once you’re approved for financing you’ll receive the funds in your bank account. This means you can use the money to shop anywhere you like for your new water heater.
Get Your Loan Offer Now
If you’re interested in getting financing for your water heater the first step is to fill out our online quote form. This will allow us to match you with one lender who will extend you an offer. This offer will include the interest rate, the total cost of the loan and the payment schedule. You can review this offer and decide whether or not it’s right for you.
If you accept the offer you’ll often need to provide some additional information to the lender such as proof of income and employment. Once the lender has verified your information they’ll transfer the funds to your bank account. You can then use the money to purchase your new water heater.
Bad Credit: Exploring Your Options
Unfortunately, it can be challenging to get financing for a water heater if you have bad credit. Many traditional lenders require a good credit score and a solid credit history to approve a loan. However, there are some options available to you:
1. Peer to peer lending.
This is a type of online lending that connects borrowers with individual investors. Peer to peer lenders may be more willing to work with people who have bad credit or limited credit histories.
If you have a friend or family member with good credit they may be willing to co-sign on your loan. This can increase your chances of approval and lower your interest rate.
3. Home improvement loans.
Some lenders specialize in providing loans for home improvement projects including water heater installations. These loans may have more flexible credit requirements than traditional loans.
Other Ways To Finance An Appliance
If you’re looking for alternative ways to finance your water heater here are a few options to consider.
1. Credit cards.
If you have a credit card with a high enough limit you may be able to use it to purchase your water heater. However, be aware that credit card interest rates can be high and you may end up paying more in the long run.
2. Home equity loan.
If you own your home and have built up equity you may be able to take out a home equity loan to pay for your water heater. These loans typically have lower interest rates than credit cards or personal loans.
3. Manufacturer financing.
Some water heater manufacturers offer financing programs through their dealers. These programs may have lower interest rates than traditional loans and may offer promotional deals or discounts.