I have a success story with those long-term no interest promotions. In 2019, one of the window companies we got a quote from was doing a special: 24 months no interest, no payments. Essentially, you get two years free of any payments, then at the 2-year mark, you'd either pay it off or it would convert to a regular loan (I think at around 15% APR).
We took that deal. Our project was $10k for a handful of windows and a patio door. We signed up, and true to their word, we didn't have to pay a thing for two years. We made sure to bank money each month as if we had a payment, so by the end of 24 months we could pay it off. It worked out, and we essentially got a two-year free loan. But not every company will have such a long term free financing; we just got lucky with the timing (it was a summer promo). Keep an eye out for holiday or off-season specials. Sometimes around Memorial Day or New Year, companies run financing specials to drum up business.
That said, don't choose a company solely because of a financing gimmick; make sure they're good too. In our case, we did our homework on them as well.
Late to the party, but I want to share about ProTech Windoors since they've been mentioned. I used them for my house in Largo. They were fantastic - family-run feel but professional. They did offer financing but I had already secured a loan through my bank (Wells Fargo personal loan at ~7%). ProTech's finance offer for me was actually a higher rate (9%) because I was looking at a longer term with them, so I politely declined that and just used my bank loan. They had no issue with that. They didn't pressure me or anything - they just removed the financing from the contract and I paid via the loan funds. Everything went smoothly. So you definitely can use an outside loan even if the contract has an option for their financing. Just let them know. The key is you pay them like cash, and you handle paying your bank separately.
Some quick number crunching for folks trying to visualize the cost (Iām a numbers nerd, bear with me):
Say you finance $15,000:
At 0% for 12 months, that's about $1,250 per month.
At 0% for 18 months, about $834 per month.
At 5% for 5 years (60 months), roughly $283 per month (and you'll pay about $2k in interest over the 5 years).
At 7% for 5 years, about $297 per month (interest total around $2.8k over 5 years).
At 7% for 10 years (120 months), about $174 per month (interest total around $5.8k over 10 years).
So, shorter term = higher monthly, less interest; longer term = lower monthly, more interest paid in total.
In our case, we chose a middle ground: a 5-year term. We felt okay with the ~$300 monthly payment. We did consider the 12-month no interest, but coming up with $1,250 every month would have been tight for us unless we slashed other expenses.
These numbers also show why those 0% deals are attractive if you can handle the cash flow. You pay literally no extra. But if you can't, it's not a bad thing to stretch it out a bit.
One more thing: some lenders might offer something like a "same-as-cash" if paid in say 3 months (essentially a very short term). If someone has, say, a year-end bonus or tax refund coming, they might use a short term bridge loan. It's less common, but just throwing it out there.
Anyway, I always like to actually calculate scenarios to see what fits the budget. Thought I'd share these figures.
We did something similar to @psychology_mario. We needed a new roof and windows around the same time (thanks to a hail storm). We found a contractor licensed for both roofing and windows, and they gave us a package deal. In our case, we went through a loan offered by the roofing side of the business (it was actually a Florida PACE program loan, since it covered hurricane-resistant roof and windows).
The benefit was one project, one contractor coordinating, and one financing plan for everything. It made life easier, even if the paperwork for PACE was a bit intense (lots of forms).
If someone has multiple projects, definitely worth asking contractors if they have bundled services or referrals. Sometimes they'll bring in a partner company and still give you a combined quote.
For just windows, stick with window specialists like Karoly or ProTech as you're already doing. But I wanted to illustrate how mixing projects can sometimes open up financing opportunities (like some solar companies, for instance, offer financing that could include other efficiency upgrades like windows).
In our scenario, the PACE loan was at ~6.25% for 15 years, covering roof and windows, and we are paying it via our property tax. It's a long haul, but we felt okay about it because it significantly improved our home's resilience. If it was just windows alone, maybe we would have done a shorter-term bank loan instead.
@patricia_peak I think you're doing all the right things by gathering information and comparing. A lot of homeowners unfortunately just jump at the first financing offer they get without comparing. One neighbor of mine ended up paying a ton in interest because they signed up for a 10-year loan at 10% without checking other sources. Meanwhile, their credit was fine and they could have gotten a 6% loan easily. So definitely shop around financing like you shop around the window installers.
Honestly, with Karoly and ProTech as your choices, you probably can't go wrong with either quality-wise. So you might decide based on who gives a better price or financing. If one offers a better financing deal that might sway you.
Let us know who you end up picking!
If you go with a personal loan or HELOC, watch out for insurance that some lenders try to add (like optional credit insurance). It's usually not worth it in my opinion. Also, if going the HELOC route, check if there's an annual fee or if the rate is introductory. My credit union's HELOC had a 1-year intro rate then adjust. I ended up using it just as a short-term bridge and then paid it off with a refi later. But that was back when rates dropped.
In today's environment, honestly those 0% offers are golden if you can handle the payoff. It's like free borrowing. So I lean towards that for manageable amounts. For larger amounts that you need longer for, a fixed rate loan is safer.
I'm in Orlando area, but similar hurricane issues. I did impact windows and financed through a PACE program. Just want to add, one benefit of PACE I found is that you can write off the interest on your taxes (since it's part of your property tax, it counts as deductible mortgage interest usually). I ended up refinancing my house later and paid off the PACE in the refi anyway. But in the few years I had it, it was tax-deductible interest which saved a bit. That said, a normal HELOC or home equity loan interest is also tax-deductible if used for improvements, up to certain limits.
So if someone is deciding between, say, a personal loan (interest not deductible typically) vs a HELOC (interest might be deductible), factor that in too.
@lpaws72 Thank you for mentioning the My Safe Florida Home program. I'm definitely interested in that. Quick question: do you know if they're currently taking new applications? I recall at one point the program ran out of funds and paused, but then I heard they got more funding.
Also, how does it work if you have financing? Like, say I get a loan for the full project amount, and then I get a $5k grant from the state afterward ā I guess I could just put that $5k straight into paying down the loan, right? I wouldn't want to borrow $5k more than I needed.
I'm considering doing the same (applying for the grant and financing the rest). I'm just unsure of the timing. Do I apply for the grant first and wait for approval, or get the windows done and then apply? It would be cool if the contractor could maybe delay charging that portion if they know a grant is coming, but I doubt it since it's not guaranteed.
If you or anyone else has insights on coordinating the grant with financing, I'm all ears. It's a bit like threading a needle, but free money is worth the effort.
@fashion378 Great questions. As of a couple months ago, the My Safe Florida Home program was indeed taking new applications again (they got additional funding from the state). It's wise to double-check their official site or even give them a call, as the status can change if they run through funds.
Regarding timing: The way I did it was
applied for the program and got the initial wind mitigation inspection done (they assign an inspector who comes out and evaluates your home).
Once I got the inspection report and found I was eligible for improvements, I went ahead and got quotes and chose my window contractor.
I then submitted my grant application with the chosen quote to the program for approval of the matching funds.
I received a conditional approval letter saying I was approved for up to $5k matching, but I had to complete the work and pay in full first.
I proceeded with the installation (I did end up using a short-term credit line for that).
After the work was done, I submitted all the invoices and proof of payment to the state program.
A few weeks later, they reimbursed me the $5k via check.
So yes, in my case I did have to upfront the entire cost. If you're financing via a loan, you basically finance the full amount and then when the grant check comes, you just apply that to your loan principal as a big early payment. That's what I did with my credit line.
It would be nice if the grant could offset the cost immediately, but they require proof of completion and payment to avoid fraud or incomplete projects.
Some contractors might float that amount or delay final payment if they are very familiar with the program, but I wouldn't count on it. Most will want to be paid in full and let you handle the rebate.
In short: apply early, get approved, do the work, then get reimbursed. And yes, if you end up financing, just use the reimbursement to pay down the loan. It effectively lowers your financed amount after the fact.
Hope that helps!
I know we're focusing on local contractors (which I strongly prefer as well), but I'll mention that big box stores like Home Depot and Lowe's also have window installation services with financing options. They often have their store credit cards which might offer 0% for 6 or 12 months on home projects above a certain amount.
I personally replaced one window through Home Depot a couple of years back (it was an emergency replacement for a broken window). I used a Home Depot card that gave me 6 months no interest. It was a small job ($800), so it was easy to pay off. The installation was fine for that one window, though I think a dedicated window company might be better for a whole house project.
For a full project, I'd still go with a specialized company like Karoly or ProTech for the expertise and likely better product selection. But if someone is already shopping at a big box and has their credit card, it's an option.
Just tossing it out for completeness: any place that sells windows might have some kind of financing, but as always, check that you're getting a good quality product and install, not just a good financing deal.