If you're in the market for impact windows and doors, you may wonder about your financing options. Alco Windows and Doors partners with only the most reputable organizations for home improvement loans. One of those recommended companies is Sunlight Financial.
Here's an in-depth look at how this organization works and what you need to know before you apply for financing.
Who is Sunlight Financial?
Sunlight Financial LLC is a financing company that supplies loans for homeowners making solar and home improvement purchases, including impact windows and doors. In only eight years since its founding in 2014, Sunlight Financial has become one of America's most popular project funding options. In 2020, Sunlight Financial was named one of the top 10 fastest-growing financing companies in Inc. Magazine.
Sunlight Financial partners with contractors in the residential renovation industry to help customers fund home upgrades through affordable loans. The company has two separate networks:
- A group of capital lenders who loan out money.
- Contractors and dealers who install impact windows
Thousands of installers across the United States currently partner with Sunlight Financial, which speaks to the company's reputation in the industry. Sunlight Financial is a well-known and trusted name for home improvement financing.
Sunlight has funded over $4 billion worth of loans to date.
Use this quick list to understand the basics of Sunlight Financial before you apply for a loan:
Key Provider Details
- Sunlight Financial offers home improvement loans between $10,000 and $100,000.
- Sunlight Financial requires a minimum credit score of 650.
- Loan terms range from 3 months to 25 years.
- Sunlight Financial’s interest rates can fall between 0.00% and 6.99%, depending on the term and borrower’s creditworthiness.
Let's look at these details more in-depth.
What types of loans does Sunlight Financial offer?
Sunlight Financial offers unsecured loans which don't require an asset like your house as leverage. In other words, if you miss payments, you won't lose your home. Even though unsecured loans tend to have higher interest rates than secured loans, they could be a good option for you, depending on your financial situation.
You can choose a deferred interest rate option with some of their loans. This means that as long as you pay off the whole balance of the loan before the end of the period, you will not incur any interest charges.
At Sunlight Financial, you can choose - home remodeling or impact window and door loans that range from $10,000 to $100,000. Loan terms can go up to 25 years, and interest rates can be as low as 0.00%. The company works to make it easy for you to find a payment plan that fits your budget.
Additionally, the first loan payment isn't due until 60 days after impact window installation.
How to Qualify for a Loan From Sunlight Financial
A few requirements must be met to qualify for a loan from Sunlight Financial. They are as follows:
- At least one of the borrowers on the loan must be on the title for the property
- Homeowners must finance a minimum of $10,000 to install impact windows.
- Borrowers must have a credit score of at least 650 and a debt-to-income ratio of 55% for loans up to $70,000. A credit score of at least 700 is required for loans $70-$100,000
You can do a pre-qualifying check on the Sunlight website to see if you meet their requirements. The best part is that this pre-qualifying check doesn't use a hard credit pull, so your credit score won't be impacted.
If your debt-to-income ratio is too high, you can add a second borrower onto the loan. The second borrower must still meet the credit requirements.
Is Financing With Sunlight Financial a Good Idea?
Sunlight Financial carries a net positive rating across review sites - including a 4.8-star rating with over 4,000 reviews on Google.
Sunlight Financial is a good option if you're looking to finance your impact windows with a trusted and well-known company. You can get pre-qualified quickly and easily online, and Sunlight offers competitive rates.
Learn More About All Your Top Financing Options for Impact Windows
Now that you know more about Sunlight Financial, you can compare it with other financing options to see what's best for you. Read our comprehensive guide to financing the cost of impact windows to learn about all your options.
Every person at Alco Windows and Doors believes prepared and confident property owners make for safer and stronger communities. Our consultants are ready to educate you on everything related to impact windows and doors. Ask your questions with confidence that we'll provide honest answers. Give us a call or schedule a showroom appointment today.