30 Dec Financing a Fence: Advice from a Lake Zurich Fence Company
Thinking about installing a fence? Not sure if you have the funds necessary? If so, you might consider financing. Financing a fence allows you to install it now and then pay for it over time.
The question is: how do you go about financing a fencing installation? There are a few different options out there, each of which provides some different benefits and drawbacks.
We’re going to get into the specifics of each option below, helping you decide which (if any!) is the most appropriate for you. Take it from this Lake Zurich fence company: these are the best fence financing options.
Save Up the Money If You Can
In truth, your best option is to avoid financing altogether. By avoiding financing, you avoid all risk of racking up interest. In other words, you’ll pay the least amount of money in the long run.
The problem with this method, of course, is that it requires you to save up the money. Not only does saving take time, but it takes sacrifice as well. Considering that the average cost of a fence installation falls between $1,500 and $3,500, saving up money instead of financing could set your installation back months or even years.
In short, if your installation isn’t urgent, saving is probably the best option. On the other hand, if you’re looking to get a fence up as quickly as possible, saving probably isn’t a viable plan.
Take Out a Personal Loan
Another option is to take out a personal loan. Personal loans can be applied for and obtained within a matter of a few days. As such, they would enable you to start your fencing project almost immediately.
There is a big downside to personal loans, however, and that downside is their high interest rates. Depending on your credit score and income, personal loans could carry interest rates anywhere from 5% to 36%. While 5% may be reasonable, anything above 10% could cause you severe financial strain.
Therefore, unless you’re able to obtain a low-interest personal loan, you’re advised to avoid personal loans altogether.
Utilize Home Equity
If you have a good deal of equity in your home, you might consider utilizing either a home equity loan or a home equity line of credit. Whereas a home equity loan enables you to borrow a lump sum of cash at one time, a home equity line of credit allows you to draw out money as needed.
These entities allow you to borrow money at low interest (as low as 3%). All you have to do is put your home equity up as collateral.
Make Use of a 0% Intro APR Credit Card
The last financing option we’ll discuss is to make use of a 0% intro APR credit card. These credit cards come with 8 to 18-month 0% interest intro periods, allowing you to make and pay off purchases interest-free over time.
Note, however, that if you aren’t able to pay off all of your expenses before the end of the intro period, you will be charged interest on your remaining balance. In short, if you can come up with the funds over the next year or so, utilizing a 0% intro APR credit card could be a solid option.
Utilize the Services of a Lake Zurich Fence Company
Have you decided that financing is right for you? Looking to utilize the services of a Lake Zurich fence company? Action Fence is the company to call.
Our team of licensed fencing contractors has installed fences throughout the Lake Zurich area. Regardless of your fencing needs, we can accommodate you.
Contact us today to get the process started!