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January 23rd, 2023
3 min read
According to major lending agencies, the majority of new cars are purchased using financing. More than 85% of new cars purchased are financed.
On the other hand, most home remodels are not financed. Current survey data reports that only around 14% of homeowners use some form of financing to pay for a home remodeling project.
As a homeowner, are you aware of the financing similarities and differences between a home remodel and a new car?
If you are wanting to update your home and don’t know whether financing is available, you may initially think that your dream is unattainable. Knowing you can finance a home project like you might finance a new car will open up a lot of options for you.
As a design and remodeling contractor with over 15 years of experience, we have expertise in helping clients with home remodel financing. As well, we have a long-standing relationship with Michigan State University Federal Credit Union (MSUFCU) to help clients who want to use financing for their remodeling projects.
While you may be concerned this is a viewpoint in favor of home remodeling, our goal for this article is to provide you with information from both sides to help you make your decision.
In this article, you'll discover how financing a home remodeling project is similar and different to financing a car, and what options are available to you.
Like financing a new car, financing a home remodeling project will:
Unlike financing a car, financing a home remodel may:
Without knowing the financing options to help you with your home remodeling projects or car purchase, you may not realize you can update your home like you’ve dreamed.
Comparing financing options for a home remodel vs a new car helps you understand which financing opportunities are available to you and which is best for you and your situation.
Our mission at Custom Built is to not only design and build the dream spaces of Mid-Michigan homeowners, but to also educate you on everything related to home remodeling.
To learn more about Custom Built’s financing options, reach out to our sales team. They would be happy to answer any questions you may have!
To learn more about home remodel pricing, check out the following topics.
Michael brings over 2 decades of building and remodeling experience to his position as the Owner and Visionary of Custom Built. Michael’s passion to make an impact on the home building industry has led him to serve for over ten years at the local and state Home Builders Association, culminating as President of the HBA of Michigan in 2020.
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