Home Electrical Service Financing 101: Rates, Payments, and How To Qualify

What Are The Interest Rates For Home Electrical Service Financing?

Nowadays, low interest rates for home electrical services have never been easier to get. Reliable electrician companies know that home services are not the cheapest thing to pay for.

That's why good electricians negotiate with a bank lender to offer at least a 90 day 0% interest in order to help their customers better budget their home electrical services.

A standard interest rate does not exist. every lender ways the risk to reward benefit depending on your credit score and size of loan. An average range would most likely be between 0-13%.

If your credit is on the lower side, then you could still qualify for financing, but you most likely will have a higher interest rate because of it. A risker credit score may raise your interest rate up to 35.9%.

What Will Be My Monthly Payment For Home Electrical Service Financing?

Your monthly payment will largely depend on how much you burrow, and how aggressively you want to pay off the loan. Whether you want to pay it off the loan within 3 month or go with a longer payment term, the minimum monthly payment will be based on at least a 12 month term. Making the minimum payment more manageable. 

Just to give you an idea, a $1,500 loan payed off within 90 days is about $500 a month. A $1,500 loan payed off within 12 months is about $125 plus what your interest rate includes. Pay how ever helps your budget out, that's the point. TradeWork is just trying to help bridge the financial gap of helping you get your home electrical projects done.

What Do Home Electrical Service Lending Agencies Consider "Good Credit"?

Life throw us all curves balls. Your credit score is obviously important to any bank lending you money. But luckily most bank lenders understand the essential nature of home electrical service repairs and renovations, and have lowered their lending requirements for home electrical projects. 

Bank lenders will consider all credit scores for home service loans. As a lender rule of thumb a credit score 600 points or more is a good enough for loan financing. They mainly want to see that you have a steady enough income in order to make the routine monthly payments.

One of the best parts of home service financing is that they will be able to conditionally approve you and give you your rate/term/monthly payment options without ANY impact on credit. This is made possible due to what is know as a "Soft Credit" check.

What Information Is Required For A Home Electrical Service Financing  Application?

Lending agencies typically want to see the following:

• Social Security #

• Work Status 

• Amount & Sources Of Income

Can I Finance A Portion Of My Home Electrical Project?

Of coarse you can! When you get approved for home service financing you will usually be presented with the "loan" in the same form as a credit card.

Once your financing is approved, they give you your credit card number with an expiration date. This credit info can then be used to process the home electrical service payment with the contractor no different then if you were using your own personal credit card.

Pay as much or as little as you want with your new financing information. If you don't end up using the full amount that you were approved for, then it will be available for a few months after till it eventually expires. Once it expires you can get reapproved financing for home electrical projects by just filling out the application again.