New siding can help give your house a beautiful makeover — doing wonders for your home’s appearance and energy efficiency while adding to its curb appeal. However, replacing siding can be a costly affair. It’s installation, including material and labor costs, can run thousands of dollars. That’s why it’s a good idea to plan for home siding financing. Unless you pay with cash.

After all, siding replacement is a much larger commitment than, say, getting new kitchen cabinets or changing your backyard landscaping. The right type of siding will not only enhance your home’s aesthetics and functionality but also its market value at the time of a house sale.

Therefore, there’s no point in delaying your home improvement project. Plus, it may increase the risk of further damage. The best option is to finance your siding project as soon as possible.

Do you have to remove old siding before installing new?

With certain types of siding such as fiber-cement siding, wood siding, engineered wood, most siding manufacturers and installers specifically mention that if you install their product over existing siding, it will void the warranty. 

However, with vinyl siding, you don’t necessarily have to have your old siding removed before you install the new siding. 

Only vinyl siding manufacturers consider it perfectly acceptable to install their product over old siding. 

However, keep in mind that tearing off your existing siding is the only way to ensure a quality installation. A siding’s effectiveness depends on its proper installation. Remember that a shoddy job would mean trouble for you in the long run. For example, if your siding is nailed too tightly, it may expand, crack, bulge, or warp. The best solution is to hire a licensed professional for the job.

How much does it cost to install siding?

The average exterior siding cost is between $5,000 and $14,050, including material and installation costs. The total siding replacement cost depends hugely on the siding material. For instance, you’ll pay a lot less for aluminum siding. Typically, it costs between $2 and $5 per square foot. Brick siding, on the other hand, costs approximately $9 to $28 per square foot. Common siding materials such as vinyl or engineered wood range between $3 and $12 per square foot.

Premium materials such as wood siding can range from $3 to $9 per square foot. A new wooden siding for a 1,500 square foot home would cost you between $10,000 and $13,000. 

Read more: Home addition loans: Financing a home addition

How much does it cost to side a house with vinyl siding?

The average cost for vinyl siding installation for a 1,500 sq ft. home is about $4,660 to $5,800. That translates to an upward of $3.50 per square foot. A high-quality vinyl siding can cost you as much as $7 per square foot.

Pros & cons of vinyl siding

Vinyl siding pros

  • Vinyl siding never requires any painting since its color is baked-in and homogeneous.
  • The color doesn’t get abraded, scratched off, or stripped.
  • Vinyl siding is inexpensive; it’s the cheapest home siding option.
  • It’s low maintenance and easy to clean.

Vinyl siding cons

  • Easy installation.
  • Vinyl siding, especially dark siding, begins to fade under the harsh sun.
  • Siding planks may split or break due to the expansion and contraction caused by extreme temperature variations.
  • Vinyl siding cannot be repaired in parts; the entire plank must be replaced.
  • Such a siding may lower your home’s value, especially if it’s historically significant.
  • Vinyl siding manufacturing is not an eco-friendly option as it’s primarily composed of polyvinyl chloride (PVC), and the manufacturing process produces greenhouse gases and carcinogens.

Can you finance house siding, especially vinyl siding?

Roofing and siding financing is a wise choice. After all, changing the siding in your home is a smart investment. Apart from the immediate benefits such as increased curb appeal, energy efficiency, and low maintenance, you get to enjoy your beautiful siding for years to come.

While planning your siding replacement project, it’s important to factor in its installation cost. The good news is that siding financing, including vinyl siding financing, comes in a variety of options. You can choose the best siding financing according to your requirements. 

Read more: New roof & roof repair financing

What are the different house siding financing options?

Here are some of the best siding financing options for you, depending on your credit approval, credit score rating, and financial history. 

Siding financing through credit cards

Pros  Cons 
Easy accessibility High-interest rates 
A good option for those with a bad credit score Expensive financing
Good for smaller purchasesFunds may not be enough to cover large-scale home improvement projects

Siding financing with an unsecured personal loan

Pros  Cons 
Quick fundingLimited loan range of $1,000 to $50,000
Does not require home equity as a collateral Higher interest rates than home equity loans or home equity line of credit
A simple loan application process May have costly loan origination fees

Home equity loan to finance siding 

Pros  Cons 
Lower interest rates than a personal loan or credit cardUses equity in your home as collateral. Any payment default could lead to house foreclosure
The loan amount can be used for any purposeMay have high fees, prepayment penalties, and closing costs 

Can you finance siding with bad credit?

Yes. No matter how bad your credit scores are, there are always options available if you want to secure siding financing. Using a home improvement credit card or an unsecured personal loan is your best choice. However, do make sure that you develop a payment plan to pay back the loan amount as quickly as possible because interest rates can increase rapidly.

Always compare multiple loan offers before zeroing in on one. Analyze the loan’s terms and conditions, APRs, the repayment structure, loan term, and the interest charge — carefully. Keep in mind that a loan offer that offers the lowest monthly payment may not always be the best siding financing option. 

Want to apply for siding financing?

If you’re looking for a home renovation loan, you’ve reached the right spot. Kukun offers some easy loan options for those who are looking to add a home improvement or remodel their existing home. Don’t let your limited cash flow stop you from improving your home.

Read more: Deck financing options

Best House Siding Financing For Good & Bad Credit was last modified: December 5th, 2020 by Ramona Sinha