Do you find your kitchen countertops outdated, scuffed, and scratched? Are you planning a kitchen remodel to give your cooking space a makeover? Wise decision. Experts believe that kitchen renovations give one of the best returns on investment aka ROI. The first step is to plan your kitchen countertop financing.  

After all, kitchen counters can contribute to a good chunk of the total kitchen remodeling cost. Fortunately, today, there are various kitchen countertop financing options available. Whether it’s financing granite countertops or marble or quartz — you can take advantage of the monetary aids to make your dream kitchen a reality. With a good loan, the home improvement project will be easy and manageable. And, you can choose the best kitchen countertops that will look beautiful, durable, and affordable.

Completing your kitchen remodeling project is now easier and more affordable than ever before with financing.

How much does it cost to replace a kitchen countertop or install new kitchen countertops?

If you’re planning to finance countertops, know that the total countertop installation cost depends on the countertop material, the scope of the installation, the size of the kitchen area that needs counters, the labor costs, and even your zip code. 

On average, a kitchen countertop installation costs about $2,960, with most homeowners spending $1,862 to $4,140. That translates to a total of $25 to $120 per square foot $15 to $70 per square foot for the material cost and $10 to $30 per square foot for labor cost.

The cost is hugely influenced by the materials used. For example, a granite countertop cost ranges from $50 to $250 per square foot while a quartz countertop costs $50 and $150 per square foot. A tile countertop costs much cheaper — as little as $10 per square foot. A butcher block countertop comes at $30, while a solid surface counter comes at $35 per square foot.

Read more: Kitchen remodel financing & loan options

What is the most affordable kitchen countertop?

When you’re contemplating a kitchen remodel, you need to put a lot of thought into your home improvement budget. No wonder, financing countertops is a priority. A granite countertop still remains the most popular kitchen counter material. However, today, there are much cheaper, and equally attractive alternatives such as quartz, tile, or a recycled solid surface countertop.

Let’s explore some of the most common countertop materials and their average costs per square foot:

  • Granite countertops: $75 to $200
  • Marble countertops: $100 to $200 
  • Manufactured quartz countertops: $100 to $250
  • Solid surface countertops: $45 to $75 
  • Tile countertops: $35 to $40 
  • Laminate countertops: $10 to $65 
  • Concrete countertops: $75 to $150 
  • Stainless steel countertops: $75 to $150 
  • Wood countertops: $60 to $100 
  • Crushed glass countertops: $50 to $100 
  • Soapstone countertops: $70 to $120 
  • Copper countertops: $90 and $130 
  • Zinc countertops: $150 to $200 

Kitchen countertop financing options

A remodeling project, and working it into the household budget, is a major decision. Upgrading a kitchen can adversely impact your everyday living and expenditure if you’re not careful. And, that’s why, when it comes to kitchen countertop financing options, a personal loan is your best bet.

A personal loan, also known as a signature loan, is a type of unsecured loan that lets you borrow funds for your home renovation. It’s an especially great loan option for those who don’t want to put up any assets or collateral to secure the loan. Basically, you do not require any equity in your home. 

Moreover, you can use a personal loan for just about anything — from using it for credit card debt consolidation to a financial emergency or kitchen countertop financing. 

If you qualify for a personal loan, you can borrow a fixed amount of money, repay it at a fixed monthly payment over a fixed loan term. 

Best way to finance a kitchen countertop

Kitchen renovations can get expensive, and no renovation is done until you’ve got the perfect kitchen countertop. Countertops by themselves can be quite expensive. Depending on the material you choose, you could end up spending a minimum of $15 a square foot all the way to $300 a square foot. Most kitchen countertops take between 1 and 3 days to install, so you have labor costs to consider as well. However, considering countertops can last upwards of 20 years if cared for well, and that kitchen renovations, in general, add to the value of your home, investing in the best possible countertop seems to be prudent. This makes how you finance your kitchen countertop very important. Let’s look at some options.

There are two broad umbrellas under which financing options fall, Unsecured Loans and Secured Loans. Let’s explore both options.

Unsecured Loans

Unsecured home improvement loans do not use your home as collateral, putting the lender at a greater risk. These loans, therefore, have a higher interest rate and a shorter payback period of 10 years. 

Low-interest credit cards

If you have a good credit score, you might be eligible for a low or no-interest credit card. It’s fairly easy to qualify for $10,000 for a period of 18 months at an interest rate of 3.99%. That amount is perfect for a new kitchen countertop, and then some. But you will need to make sure you pay back the entire amount within the stipulated time period, failing which the interest rates are bound to increase exponentially.

Personal loans

If you’re remodeling your entire kitchen and not just your countertop, you are likely to spend as much as $30,000. In these cases, a personal loan is your best bet, especially if you have less than perfect credit history. There are lenders who will work with even those who have bad credit. The interest rates on personal loans will be higher, but that is compensated by the longer payback period. Personal loans, however, offer you no tax benefits.

Secured loans

If you have equity and are planning a major home renovation that will cost you more than $30,000, then a secured home improvement loan is what you’re looking for. This will definitely not be a solution for a kitchen countertop alone. 

Secured home improvement loans use your home as collateral. There are multiple benefits to these types of loans. You get a higher amount at a lower interest rate if you qualify for one. The payoff period is also longer, and the interest is tax-deductible. HELOC, home equity loans and cash-out refinance are examples of this type of loan. 

There are, however, certain downsides to secured home improvement loans. For one, the application process is a lot more complicated than with unsecured loans. You may also have to pay some closing costs before you get the loan. Of course, you cannot even apply unless you have sufficient equity. And most importantly, you are liable to lose out on your home altogether if you default on payments, even if your mortgage payments haven’t been defaulted on.

Read more: Easy kitchen cabinet financing for good & bad credit

Pros and cons of financing countertops

There are various advantages of financing kitchen countertops. Once you qualify for affordable financing plans, you can go ahead with your kitchen remodeling schedule and budget. You can design your new kitchen and install any type of kitchen countertop without a worry. Comfortable payment programs will ensure it.

The best home improvement loans (whether personal loans, home equity loans, or home equity line of credit (HELOC), will get you the kitchen remodel you’ve always wanted. They give you the convenience of paying for it over time through favorable interest rates and fixed/adjustable monthly payments. Of course, it’s subject to credit score and your credit report. 

The downside of financing is paying back the debt, for sure. Making payments can be a bit stressful, especially if you’re experiencing cash flow difficulties. Moreover, some of the payment options such as credit cards come with high-interest rates. 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. 

How to apply for kitchen countertop financing?

If you’ve weighed the pros and cons, and decided to finance countertops, you can then do your research and choose the most suitable funding option. Your kitchen dreams can come true in an affordable way. Looking for a home renovation loan for your kitchen countertop installation project? Peruse through Kukun’s easy loan options. Get ready to receive instant approval of special financing. Moreover, they’ll be no hidden contractor fees, credit cards, or prepayment penalties. Purchase and install any countertop and give your kitchen a complete makeover! So, go ahead, apply for a loan online, and get approved in seconds!

Read more: Home remodel financing options: Best ways to finance a home remodel

Kitchen Countertop Financing was last modified: February 4th, 2021 by Ramona Sinha