3 Financing Options for Your Home Improvement Project

Seaberg Construction Blog: Finance Options for Your Home Improvement Project

Do you have cash lying around for your home improvement project? Most homeowners would say no. But that’s ok, because there are financing options for every homeowner who qualifies.

Service Finance Company, LLC

We’ve teamed up with Service Finance Company, LLC to offer our homeowners a chance to skip the bank. We feel it’s important to provide an easy, straightforward solution for your home improvement needs and we believe money shouldn’t hold anyone back.




First, let’s go over some terms we’ll be talking about.

What is an interest rate?
An interest rate is a percentage of how much money the lender is charging you to loan you the money.

What is a fixed interest rate?
A fixed interest rate means your interest rate will not fluctuate throughout the term of the loan.

What is a payment factor?
In the most basic terms, a payment factor is your interest rate broken down over the term of your loan.

What is a service fee?
A service fee is the one time fee that goes to Service Finance Company, LLC for providing the financing to our homeowners.



Here we’ll outline three of our most popular financing options. If you don’t see a plan that is manageable for you here, ask us if we can accommodate what you have in mind.


Option 1 (Plan #4132):

Description: 9.99% fixed rate over 120 months
Service Fee: 5%
Payment Factor: 1.32%

So, what does this all mean? How much am I going to pay per month? Let’s say, for example, your roof replacement costs $9,000.

$9,000 (Project Cost) x 5% (Service Fee) = $9,450
$9,450 x 1.32% (Payment Factor) = $124.74

$124.74 is your estimated monthly payment for a term of 120 months.

A little over a hundred bucks per month sounds a lot more manageable than having to shell out $9,000 all at once.

The graphic above shows you how to easily calculate your estimated monthly payment in an easy to understand format.



Option 2 (Plan #4198):

Description: 6.99% fixed rate over 60 months
Service Fee: 5%
Payment Factor: 1.98%

For consistency, let’s use $9,000 as the project cost for your home improvement project.

$9,000 (Project Cost) x 5% (Service Fee) = $9,450
$9,450 x 1.98% (Payment Factor) = $187.11

$187.11 is your estimated monthly payment for a term of 60 months.

In comparison to Option 1, you can see how the estimated monthly payment has increased due to the interest rate change and more importantly, the shorter loan term.

Financing Your Home Improvements



Option 3 (Plan #4612):

Description: 9.99% fixed rate, no interest/no payment 6 months, over 60 months
Service Fee: 5%
Payment Factor: 2.12%

Let’s use $9,000 again as the project cost.

$9,000 (Project Cost) x 5% (Service Fee) = $9,450
$9,450 x 2.12% (Payment Factor) = $200.34

$200.34 is your estimated monthly payment for a term of 60 months, but with this option you do not have to start paying this until 6 months after the project has been completed.

What this all boils down to is what you can afford to add to your monthly budget. 

Handshake - Financing Deal



What we know to be true about Service Finance Company, LLC:

Service Finance Company, LLC boasts no prepayment penalties. This means you can pay off your loan faster than the loan term and not incur additional fees.

  • No surprise interest rates.

    The above options are fixed interest rates.


  • No risk-based pricing.

    The pricing is the same for everyone who qualifies and is not based on your creditworthiness.


  • No hidden credit card/ACH fees.

    Pay your monthly payment without incurring more fees.


  • No activation fees.

    Service Finance Company, LLC will not charge you administrative fees to “set up” your account.


  • No minimum finance volume fees.

    Finance as much or as little as you need.


  • No paperwork.

    We can see if you qualify in minutes through the Service Finance Company, LLC mobile app.

We’ve found Service Finance Company, LLC is easy, transparent and straightforward to work with which makes us feel confident in offering their services to our homeowners.

If you’d like to see if you qualify for financing through Service Finance Company, LLC, let us know at your first consultation. After we generate your estimate, we will scan your license and enter some other basic information to see if you qualify. We’ll get an answer immediately and go from there. It’s that simple.



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