Make sure that Home Depot has everything you need before starting work on the project, and look to pay off the loan as quickly as possible to avoid hefty interest charges. The six-month spending term can also hinder you if the project takes longer than expected to complete. Unlike your typical personal line of credit, however, the Home Depot Project Loan only allows you to finance purchases from the retailer. With a high borrowing limit and a relatively low maximum APR, the Project Loan could be quite affordable, especially compared to the Consumer Credit Card. If you have a large home improvement project and relatively good credit, and you plan to make the majority of your purchases at Home Depot, the Home Depot Project Loan can be a great financing option. Relatively low APR when you choose a shorter repayment periodĬan only be used for Home Depot purchases The APR, which can be as low as 7.42%, can make this financing option cheaper than the Consumer Credit Card if you can’t benefit from the card’s six-month special financing offer. Project Loans don’t have any prepayment penalties, so you can make additional payments to save on interest, and even pay in full whenever you like. Afterward, you’ll pay down your balance in fixed installments over 66 to 114 months.ĭifferent monthly payment schedules come with different terms. If you are approved for a Project Loan, you’ll have a six-month window to buy tools and materials at Home Depot, in store or online. It functions like a line of credit, with a limit of up to $55,000, and it comes with a branded card that can only be used at Home Depot. Home Depot’s Project Loan is intended to be used to finance major home improvements. If you’re drawn to shopping at competing outlets or rarely need special financing, the card may not be worthwhile. The regular APR is high, so you should always aim to pay down your balance quickly to avoid high deferred-interest charges. While the card has no annual fee, there are no rewards either, and your card only works at Home Depot. The typical six-month financing period is relatively short, so you should be comfortable paying off your balance within that time frame to avoid deferred interest. The Home Depot Consumer Credit Card is a good option if you frequent the store and need special financing or want to access occasional discounts. No credit card rewards, such as cash back Rotating discounts, such as on fence installation or shed purchasesĭeferred interest could make borrowing very expensive Up to 24 months of special financing during select promotions Year-round, cardholders can benefit from rotating offers, like discounts on installed fencing or shed purchases, as well as enjoy 12 months of hassle-free returns (four times longer than for non-cardholders). However, during select promotional periods, cardholders can get up to 24 months of special financing. Unlike your typical credit card, it cannot be used at other stores. However, the annual percentage rate (APR) is high, and if you don’t pay off your balance within the allotted period, you’ll be charged interest from the purchase date. If your balance is paid in full during the financing period, you won’t be charged interest. You may qualify for six months of deferred-interest financing on purchases of $299 or higher. The co-branded Home Depot Consumer Credit Card from Citi is a good option for frequent shoppers who want to take advantage of special financing offers. Home Depot financing options: The bottom line.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |