Is your home in need of new flooring, but you don’t have enough funds to pay for it upfront? Don’t worry. Not many homeowners keep that kind of cash lying around the house. Fortunately, there are several great options for flooring financing. 

Getting a new floor that you have been eyeing, was never this easy. You get to pay for it over a favorable loan term — through manageable monthly payments — not all at once.

Simply put, flooring financing is a financial arrangement whereby you can get monetary aid from flooring finance companies to install a new floor. And, you can pay back the loan over the course of several months or even years — with interest rates that make for convenient monthly installments. 

If you’re ready to secure new flooring financing, the loan application process is quite simple — with you filling out an application form and giving your personal details as well details about your financial situation and employment history.

Special financing gives you full control of updating your floors. Whether you’re choosing from wall-to-wall carpet, hardwood flooring, floor tiles, laminate flooring, vinyl flooring, or any other — it’s very much doable. And, necessary. 

After all, imperfect flooring will bring down the value of your home apart from taking away from its aesthetics. Bad flooring can make even the nicest home look worn. 

So, if you’re thinking of updating your floors. Do it ASAP. There are really good financing options, ranging from credit cards to home improvement loans. With a little homework, you can choose the right flooring financing. And, you can be walking on your new investment and feel great. Quite literally!

How much does it cost for hardwood flooring?

Hardwood flooring costs run anywhere between $2,495 and $6,750 — the national average being $4,540 or $8 per square foot. Most floor installers charge $6 to $12 per square foot for lower-end jobs and $13 to $25+ per square foot for complicated, high-end flooring. 

Two of the most important factors that determine the total flooring cost are the flooring material and the size of the room that needs renovation. For instance, the average cost to install a 1,000 square feet flooring with oak or ash wood is between $5,500 and $15,000. A more expensive wood flooring with cherry wood, walnut wood, and maple wood can cost you anywhere between $8,500 and $20,000.

How much does it cost for laminate flooring?

The average cost of a laminate floor is about $1 to $8 per square foot — with most homeowners spending between $1,415 and $3,400. The installation and material cost of installing a laminate floor comes to approximately $3,300.

How much does it cost for carpet flooring?

When it comes to installing a carpeted floor, the average cost comes to between $1 and $4. Of course, the price depends on the material, style,  thickness, density, size of the space, and the room’s construction. 

What is the cheapest option for replacing or installing flooring?

If hardwood flooring is out of your remodeling budget, you can opt for less-expensive options such as laminate flooring, ceramic tiles, cork flooring, and carpet flooring. In fact, one of the cheapest flooring options is to use sheet vinyl flooring. It’s as inexpensive as $0.50 per square foot.

If you want to go even lower than that, you can opt for a peel-and-stick vinyl tile that can be installed directly over your existing vinyl or linoleum floor. This type of flooring is available at big-box do-it-yourself home improvement stores. You can choose the colors and patterns you want. 

How to finance flooring for your home?

Since flooring covers every square inch of your home’s foundation, it tends to be quite expensive. For this reason, flooring financing is always a good idea. Unless, of course, you have some good savings with you to buy new flooring.

Here are some of the best flooring financing options for you. Each one of them is subject to credit approval, your credit score rating, credit report, and financial history. 

Flooring financing through credit cards

Pros  Cons 
Ease of use and accessibility High-interest rates and fees
A good option even for those with a bad credit score (they may have lower credit limits, higher  processing fees though)An expensive way to finance
Ideal for small-scale purchasesFunds may not be enough to cover large-scale home improvement projects

Expert tip: To get the best deal on your flooring purchase through a credit card, be sure to compare interest rates, fees, and credit card agreement before applying. Do try to pay back the loan amount before the promotional period or any introductory financing offer ends. 

Flooring financing with an unsecured personal loan

Pros  Cons
The loan amount can be repaid over time through monthly paymentsLimited loan range of $1,000 to $50,000
Does not use your home equity as a collateral Higher interest rates than home equity loans
A simple loan application process May include costly loan origination fees

Expert tip: Always compare multiple loan offers before selecting one. Examine the loan’s terms and conditions, not just the monthly payment amount. Analyze APRs, the repayment structure, length of the loan, and the minimum interest charge — carefully. Keep in mind that a loan offer with the lowest monthly payment may not necessarily be the best deal. 

Home equity loan to finance flooring 

Pros Cons
Lower interest rates than an unsecured personal loan or credit cardUses your home as collateral. Any payment default could lead to property foreclosure
The loan amount can be used for any purposePotential fees, prepayment penalties, and closing costs 

Expert tip: most conventional mortgages and refinance loan providers also offer home equity loans. However, remember that you are putting your home on the line to secure this type of loan. Therefore, you need to be very sure that you can afford the required minimum monthly payments. By the way, your home’s equity is the value it has beyond the balance of your mortgage

Financing through a flooring provider

Pros  Cons
A convenient way of financingHigh-interest rates
One-stop loan solutionTotal dependency on the retailer
Easier and quicker funding

Expert tip: If you are more of an individual who likes to compare loans before zeroing in on the best one, it may not be a very good idea to finance floors through a flooring company. You’re completely dependent on the retail provider to give you the best rates they can. 

Flooring financing bad credit/Flooring financing no credit check

Usually, conventional flooring financing options are not available to those with borrowers with bad credit or those who do not wish for a credit check. After all, your credit record and credit score play a major role in determining whether or not you get loan approval.

Instead, such homeowners can opt for a no credit check loan. It does not require a hard inquiry into your credit report during the loan application process. However, keep in mind that bad credit would mean higher interest rates and shorter repayment periods.

Read more: Deck finance options

Pros and cons of flooring financing

The biggest advantage of financing flooring is that you can go ahead with your remodeling schedule and budget. You can pay for it over time through favorable interest rates and fixed/adjustable monthly payments. However, you must choose a payment program that’s comfortable and convenient for you.

Home improvement loans (whether personal loans or home equity loans), will get you the flooring you’ve always wanted. 

The downside of flooring financing is paying back the debt. Making payments can affect your lifestyle and finance management. Always remember that taking a loan comes with its risks. If you default on your repayments, it can adversely affect your credit score and credit rating. 

Want to apply for flooring financing?

Kukun lets you compare personalized offers from reliable loan lenders — with no impact on your credit score. 

You can finance your entire project, including materials and installation, up to $100,000. Whether it’s for your carpet flooring, tiling, luxury vinyl tile installation, hardwood floor financing, or engineered flooring. In some cases, you can receive funds in as little as one business day. 

So, go ahead and buy the floor you’ve always wanted!

Read more: Kitchen remodel financing & loan options

Flooring Financing For Good & Bad Credit was last modified: December 2nd, 2020 by Ramona Sinha