Financing education
Compare the full cost—not only the monthly payment.
Financing may be one tool for an eligible project. It is not a substitute for a clear estimate, and an option is not an approval promise.
Five terms to read before signing
The actual provider disclosure and credit agreement control. Ask questions until the terms are clear enough to compare.
- Amount financed
- The portion of project cost included in the credit agreement.
- APR
- A yearly measure of credit cost that includes certain charges.
- Fees
- Origination, processing, closing, or other charges disclosed by the provider.
- Repayment term
- The number of months or years payments continue.
- Total of payments
- The full amount paid if the agreement follows its scheduled course.
Keep the agreements separate
Contractor agreement: scope, materials, schedule, responsibilities, change orders, payment milestones, and warranty.
Financing agreement: provider, amount financed, APR, fees, term, payment schedule, and total cost.
Important
Financing options may be available through participating providers and are subject to credit approval. Terms, rates, fees, eligibility, and availability vary. NHRP does not promise approval, a rate, or a payment.