Introduction
I know that interior painting can really freshen up a home, but it can also be expensive. As your friendly painting advisor, I’m here to guide you through your financing options for interior painting projects of all sizes. Whether you’re painting one room or your whole house, there are smart ways to budget and pay for a professional paint job.
When taking on an interior painting project, one of the first things you’ll need to figure out is how you plan to pay for it. Paint and labor can add up quickly, so having a financing plan is essential. In this article, I’ll walk through the main options for financing interior painting and tips on getting the best deal. My goal is to empower you to make informed decisions as a painting consumer.
Save up over time
The most straightforward approach is to simply save up money until you have enough set aside to cover the full cost of materials and labor. I’d recommend getting an estimate first so you know how much to save. It may take discipline and patience to sock away funds each month, but this method allows you to pay cash upfront and avoid finance charges.
During the saving period, make sure to get on the calendar of reputable painters. Quality contractors book out weeks or months in advance for busy seasons. You want to be able to start your project as soon as you have the cash ready to go.
Use a credit card
Many homeowners finance interior painting with a credit card, especially if the project is limited to one room or less than $1,000. Just make sure your card offers a 0% introductory APR on purchases for 12-18 months. This gives you over a year to pay off the balance interest-free. Just be sure to pay off the full amount before the intro period ends to avoid deferred interest.
Charging the paint job also allows you to earn credit card rewards like cash back or travel points on the purchase. Just don’t spend more than you can realistically pay off during the 0% APR period.
Take out a personal loan
For larger whole-house painting projects, a personal loan from your bank or credit union may make sense. Personal loan rates are lower than credit cards – usually between 6-12% APR. This can save you hundreds in interest charges compared to high-interest credit card debt.
Shop around among lenders to find the best rate and term length for your budget. Many let you pre-qualify online with no impact to your credit score. You’ll likely qualify for the lowest rates with good to excellent credit (690+ score).
Personal loans also get you a fixed monthly payment over a set repayment period, usually 2-7 years. This can make the financing more affordable by spreading out costs over time.
Finance through the painting company
Some professional painting contractors offer financing options of their own. This usually involves applying through a third-party lender that the company partners with. Rates can vary but may be competitive with other financing options.
The benefit of contractor financing is you only need to apply once for the full project cost. The lender then pays the painter directly when the work is completed. Just be sure to read the fine print so you understand fees, billing, etc.
Use home equity
If you have substantial equity built up in your home, a home equity loan or line of credit (HELOC) may provide affordable financing for painting. The interest is usually tax-deductible as well. Just keep in mind, this option puts your house on the line as collateral if you default on the loan.
I’d only go the home equity route if you need to finance a major renovation and painting is part of the overall project. It likely doesn’t make sense for painting alone.
Conclusion
I hope this overview gives you a sense of the main options for financing interior painting. My top recommendation if you live in the Philadelphia area is getting in touch with the team at House Painters in Philadelphia. They are one of the most reputable and affordable painting companies in the region. Their expertise and fair pricing makes it easier to finance a paint job within almost any budget. Best of luck with your interior painting project!