Hey there! As a home improvement expert who loves helping folks spruce up their homes, I know how pricey upgrade projects can be. Whether you‘re remodeling a bathroom, installing new appliances, or anything in between, costs add up fast.
That‘s why I want to give you the full scoop on Lowes financing. At my contracting business, we use Lowes for nearly all our material needs. I‘ve learned to take advantage of their payment plans and credit offerings to keep costs manageable for clients.
In this guide, I‘ll break down all the ways you can finance purchases at Lowes. We‘ll explore:
Lowes Credit Card Promotions
Lowes offers two primary credit cards:
- The Lowes Advantage Card
- The Lowes Project Card
I recommend the Advantage Card for everyday Lowes shoppers. It gives you 5% off purchases and special financing offers.
The Project Card is designed for bigger remodels and renovations. It provides exclusive financing terms on large project purchases.
Here are some of the best credit card promotions I use for clients:
6 Months Special Financing
This offer gives you 6 months to pay off a purchase of $299 or more without interest. It‘s a great short-term financing option.
Let‘s say you buy $1000 in appliances. As long as you pay the $1000 balance within 6 months, you pay no interest.
12 Months Special Financing
Similar to the 6 months offer, this promotion lets you pay off an eligible purchase over 12 months interest free. Minimum purchase is $299.
Many folks use 12 month financing when buying pricier items like patio sets, sod, or grills.
24 Months Special Financing
For very large purchases, the 24 month financing offer comes in handy. You get 24 equal monthly payments with no interest.
I‘ve used this for clients doing major kitchen overhauls with new cabinets, countertops, and appliances. It prevents huge credit card bills.
84 Month Financing
Lowes offers 84 month financing on select big ticket purchases like appliances and home electronics. Rates are higher than short-term promos but payments are manageable.
While I don‘t recommend long-term financing often, this can make once-in-a-lifetime kitchen upgrades more accessible.
Just be sure to comparison shop rates between Lowes cards and other lenders. Credit unions sometimes offer better appliance loan rates.
According to Lowes, the average Americans spends $6,649 on home renovations per year. Without financing, that‘s a huge lump sum!
Lowes Project Loan
In addition to credit card financing, Lowes offers a Project Loan program specifically for renovations.
You can borrow between $500 and $100,000 for remodeling projects with flexible terms up to 84 months.
The Project Loan boasts a few advantages:
- Fixed interest rates as low as 9.99%
- Take up to 12 months to finish projects before making payments
- Potential tax deductible interest
It‘s a great solution I recommend to clients planning gut renovations, additions, or other major overhauls. The larger loan amount and project completion grace period give flexibility traditional credit cards lack.
Project Loan requirements include:
- Minimum credit score of 700
- Minimum annual income of $21,000
- Maximum debt-to-income ratio of 45%
As of 2022, the average bathroom remodel cost $10,127 according to Home Advisor. With the Project Loan, you could finance that amount over 7 years at 10% and only pay $152 per month. Much more reasonable than paying in cash!
Lease-to-Own at Lowes
Lowes also partners with Progressive Leasing to offer rent-to-own furniture, appliances, electronics, and mattresses.
I suggest lease-to-own for clients who don‘t qualify for other financing options due to bad credit or lack of credit history.
With lease-to-own, you make weekly or monthly payments over a set term, usually 90 days to 1 year. At the end, you own the items.
It‘s more expensive than financing due to administrative fees. But it allows you to get the essential appliances or furniture you need without large upfront costs.
According to Lowes, Lease-to-Own advantages include:
- No long-term debt
- No credit check
- Early purchase option
- Upgrade at any time
If your credit needs some TLC, lease-to-own is a handy way to get necessities now while continuing to build your credit.
Online Buy Now, Pay Later Services
When shopping on Lowes.com, you may see other "Buy Now, Pay Later" financing options like:
- Affirm
- PayPal Pay in 4
- PayPal Credit
- Klarna
These are short-term financing plans that split purchases into interest-free payments over 6 weeks to 1 year. Plans through Affirm and PayPal Pay in 4 typically have 3, 6, or 12 month terms.
I love using these for smaller online purchases or to fill financing gaps. BNPL is also great for folks lacking credit cards.
According to one survey, nearly 40% of BNPL users do so because they reached their credit limit. These services provide extra spending power when you‘ve maxed out cards.
Approval is based on income, existing debts, and other factors. Required credit scores vary by lender but often fall in the 600s.
If your credit needs work, BNPL may offer more likelihood of approval than traditional financing. Just be sure to make the scheduled payments to avoid deferred interest and fees.
Tips for Getting Lowes Financing Approval
As a contractor, part of my job guiding clients through home projects is helping them understand financing.
Here are my tips for getting approved for the various Lowes financing options:
Check Your Credit Score
Aim for a minimum score around 650 or higher. Lowes doesn‘t publish an exact credit score requirement but a good score improves your odds.
Many of my clients have been approved for Lowes cards with scores in the mid-600s. The higher the better!
Pay Down Existing Debt
High debt levels hurt your debt-to-income ratio. This is a key factor lenders review.
Try paying down card balances and other debts before applying. Even just $500 or $1000 can help improve your ratio.
Lower Credit Utilization
Don‘t max out your credit cards. Ideal utilization is below 30%.
Keep card balances low relative to limits for the best approval chances. If needed, increase your credit line.
Increase Your Income
Of course, making more money never hurts!
Higher income immediately improves your debt-to-income outlook to lenders. An extra $100 or $200 per month can make a difference.
Review Credit Reports
Check credit reports for errors that could be dragging down your score. Dispute and correct inaccuracies to maximize your score.
Apply with a Co-Signer
If your credit isn‘t ideal, applying with a co-signer with great credit can improve the chances of approval.
Just be sure the co-signer understands they are equally responsible for making payments.
Ask About Down Payments
For large financing requests, a 10-20% down payment could tilt approvals in your favor.
Even 5-10% down shows good faith. I‘ve seen this help clients with so-so credit get approved.
The Bottom Line
As your home improvement guru, my goal is helping you afford the projects your home needs without breaking the bank.
Lowes offers a stellar range of financing plans, from credit card promotions to online BNPL services.
Take the time to review all the Lowes financing options and choose the one best aligned with your budget and credit. Their programs make it easier than ever to pay for upgrades over time rather than in one lump sum.
I hope this guide gives you confidence to finally tackle that bathroom reno or bedroom addition. Don‘t let project costs hold you back. With the right Lowes financing plan, you can pay over time and enjoy the upgrades you‘ve dreamed of.
If you have any other questions, feel free to reach out! I‘m always happy to help friends and neighbors take on home projects with accessible, affordable financing options.
