New Hampshire

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

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What Do I Need To Know About Home Electrical Service Financing?

We all have situations where it makes sense to have a bank lend us more time to pay something off by approving a loan. Depending on the situation, financing your home electrical services may be better for you than having to pay out of pocket.

Home electrical service financing can be broken down into  parts.

  • Interest Rate: The cost associated with financing a home electrical project.

  • Monthly Payments: A minimum payment schedule that you will need to pay every month.

  • Qualifying: The lender will decide on approving your financing.

Whenever you are hiring a home service electrician, it's good to take a glance at their financing information if they offer it. Often times, established home electrician companies will offer a 90 day, 0% interest on all their services as long as you pay it off the first 90 days. 

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. 

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"Stop searching and give TradeWork Home Services a call. Matt is a true professional and does great work. He offers competitive pricing and is very responsive. I will be calling TradeWork for all my future electrical needs."
Ross H. | Google
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"Matt from TradeWork Home Services provided professional and efficient electrical services to my home. He offered great communication before, during and after the jobs, while keeping his prices competitive. His estimates were consistent with the charges when the jobs were done - no surprises from this electrical contractor!"
Jeff D. | Google
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"Matt from TradeWork installed a sub panel in our shed as well as an underground cable to the shed. Matt went out of his way to explain what was necessary, what was optional, and provided a cost breakdown of every piece of the job. Matts work was also exceptional and timely. We plan to do future business with Matt and would recommend him to friends and family."
Ryan M. | Google
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"I have Matthew worked on the electricity upgrade and repair for a rental property in Nashua. Generally he works very good. Responded quickly to my enquiry and soon give me estimate, started work on scheduled time, and completed work on expected time. Even though there are some extra work not planned, he worked overtime to catch up schedule and passed the inspection on time. His knowledge is wide and deep, answered all my questions. Most importantly, he made some suggestions existed in my mind for a while and get the job done. The quality I think is excellent, at least from my observing until now."
Mike C. | Google
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"This was my second time hiring Matt from TradeWork (MRG) for electrical work on my home. This time, he installed ceiling lights and a ceiling fan which turned out fantastic. Matt was very good at providing detailed information on different lighting products and determining the type and arrangement of the lights."
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