Replacing windows is one of the more expensive projects you can invest in for your home in Colorado. Colorado Springs houses face UV damage over the years from the sun and harsh weather from hail and frigid winters. Windows are essential to protect your home, and adding performance windows makes a difference and is a wise choice. The average cost for window replacements in Colorado Springs is $600-$1,200 per window, or $6,000-$10,000 for a 10-window replacement project. Window replacements are an important investment, and financing helps spread out the costs. Choosing the wrong financing option, however, will end up costing you more than the original investment.
What Are Your Main Financing Options?
Most contractors give a couple of options to pay overtime:
- Contractor Financing – This option is offered at the point of sale and is done with a third-party lender. Decisions can take 30 minutes or less, and plans can offer financing for 12 months with no interest, or up to 15 years.
- Unsecured Personal Loans – Most banks and loan companies offer unsecured personal loans that can be used for window replacements. These have interest rates from 6% to 36%.
- Home Equity Lines of Credit (HELOCs) – With mid-range to low rates, this financing option secures your home.
- Credit Cards – Offer the most flexibility for smaller projects, especially when a 0% introductory APR is in effect. Be sure you can clear the balance within the promotional window.
For Colorado Springs window replacement, many local contractors work with national lenders, so in-house financing is available no matter which company you choose.
Deferred Interest: The Fine Print That Could Cost You
Financing offers that state “0% interest” actually refer to two different scenarios.
True 0% APR means that absolutely no interest accumulates during the promotion. If you don’t pay off your full balance by the deadline, interest will be charged only on the remaining balance.
Deferred interest is completely different. Interest begins to accumulate right away, and only the full balance, not a portion of it, would need to be paid to avoid paying all the accumulated interest, which may be high. At a 26.99% APR, the back interest on a $12,000 balance could be as high as $3,000.
Be sure to ask your contractor which of these two options will apply before you sign anything.
What To Ask Before You Sign?
For any financing route, ask the following questions before you finalize the financial arrangements for your Colorado Springs window replacement:
- Is this true 0% APR, or is this deferred interest?
- What is the actual interest rate after the promotional period?
- Are there any fees for early payment?
- What is the required credit score?
- Will the lender send funds directly to the contractor, or will the funds be disbursed to you?
The Bottom Line
Home window replacement in Colorado Springs is a major investment because it provides instant improvements and long-term value to your home while reducing your costs and increasing comfort. Financing should not make your window replacement a burden. Take time to compare at least two or three offers, and choose one only after reading all offer terms and confirming that the monthly payment fits your budget.