Installing new hurricane impact windows with energy efficiency-enhancing features like low-e glass and double-paned glass with argon gas fills can be pricey. However, there is a solution: Window financing!
Karoly Windows is proud to announce that we’ve partnered with GreenSky and Synchrony Financial to provide our customers with two exciting new window financing options.
What are these new financing options? How do they work? How does financing your impact window installation help you? Let’s go over the basics:
What Is Window Financing?
At its most basic, financing is “the process of raising money for different activities” per Investopedia. Window financing is a specific type of debt financing, where you borrow money from a lender to pay for the installation of new windows on your behalf, then you pay the lender back over time.
In most cases, when you borrow money, you enter into an agreement to pay the ‘principal balance’ back to the lender plus some amount of interest.
Some key terms to know for window financing include:
- Annual Percentage Rate (APR). This is a measurement of how much it costs to borrow money over the course of a year, expressed as a percentage of the debt owed. A debt of $1,000 with a 25% APR would increase to $1,250 after a year if no payments were made on it and no other fees were applied.
- Credit Score. A number that is used by lenders to gauge how ‘creditworthy’ you are based on your credit history. A high credit score can help you qualify for better loans while a lower score may lock you out of some financing options.
- Debt. The money owed to another person or organization. In the case of window financing, the debt would be owed to either GreenSky or Synchrony Financial, depending on which financing partner’s offer you choose.
- Promotional Period. A period of time for some financing offers where you may have a lower interest rate, no payments owed, or other benefits. The duration of the promotional period and the specific benefits will vary depending on the financing offer.
- Principal Balance. The amount of the debt that remains unpaid from the original balance, excluding any interest or fees. Payments towards the balance are typically divided between the principal balance and the interest accrued during that payment period.
- Term. The total length of time allotted to repay a window financing loan. Missing payments may result in fees and other penalties.
- Origination Fee. A fee that a lender may charge up front for processing a loan independently of any other charges.
What Are the New Window Installation Financing Offers?
The new window financing offers available through GreenSky and Synchrony are:
Offer 1: $0 Down, 0% Interest and No Payments for Up to 12 Months
This window financing offer from GreenSky lets you get your new windows installed with no money down and no payments owed for up to 12 months.
The benefit here is that you get to enjoy your new windows for a year before you need to start making payments on them. However, if you do pay them off before the end of the 12-month promotional period, then you won’t have to pay a penny of interest!
If you go beyond the 12-month promotional period, then the offer converts to a regular monthly payment over 84 months (7 years), where you pay a set amount each month depending on your approved APR.
Here’s a quick table showing the potential payment schedule for different project costs:*
| Project Cost | First 12 Months | To Stay at 0% Interest | If Paying After 12 Months |
| $10,000 | $0 | $833/mo. | $198-$229/mo. |
| $15,000 | $0 | $1,250/mo. | $297-$344/mo. |
| $20,000 | $0 | $1,667/mo. | $396-$459/mo. |
| $25,000 | $0 | $2.083/mo. | $494-$573/mo. |
| $30,000 | $0 | $2,500/mo. | $593-$688/mo. |
*Note: Table is based on an estimate for illustrative purposes, final amounts may vary depending on your approved interest rate.
This financing offer is a great fit for homeowners who need to replace a lot of windows at once but don’t have the capital to pay for a major home upgrade right now.
Offer 2: $0 Down, No Interest for 24 Months
This offer comes from Synchrony. While there’s no money down and no interest accrued for up to 24 months, payments on the balance become due from the first month after the transaction date.
The advantage with this plan is that you get a much longer period of time without interest accruing on your principal balance, though you need to start making payments earlier. This offer is a great fit for homeowners who need to spread out the cost of replacing their windows and doors over a long period of time that breaks the bill into much easier-to-swallow pieces.
Here’s a quick table showing what your payment schedule could look like under this window financing offer:
| Project Cost | To Stay at 0% Interest | Monthly Minimum Due** |
| $10,000 | $417 | $300 |
| $15,000 | $625 | $450 |
| $20,000 | $833 | $600 |
| $25,000 | $1,042 | $750 |
| $30,000 | $1,250 | $900 |
**Note: Monthly minimums may decrease over time as more of the principal balance is paid. Rate of decrease may vary depending on APR and any extra amount paid.
Why Use Window Financing?
You might be wondering why you would use window financing offers like the ones listed above rather than just saving up money and paying out of pocket. If you have the money to pay for a total home window replacement project out-of-pocket, we would definitely recommend going that route.
However, many people don’t have that kind of money sitting idle in their bank account. That’s where window financing comes in. Some benefits of using financing to pay for your windows include:
Getting New Windows Faster
Window financing helps you delay or spread out the cost of replacing all of the windows in your home with new ones so you can enjoy the benefits of having new windows sooner:
- Enhanced Energy Efficiency. Installing new ENERGY STAR compliant windows can help you improve your home’s energy efficiency, meaning you spend less money on running your air conditioning.
- Improved Hurricane Protection. Replacing old, weak windows with impact-resistant models can help improve your home’s protection against hurricanes and their effects, like water damage and pest infestations.
- Greater Curb Appeal. New windows help improve your home’s aesthetic appeal to make it a home you can be proud of.
Reducing the Impact on Your Budget
Getting window financing helps to reduce the impact that the cost of installation can have on your budget. This helps to make impact window installation more affordable since you’re only paying a small percentage of the total cost per month, rather than having to pay for the whole project all at once.
Locking In Lower Prices
Like with everything else, the cost of installing windows is subject to inflation. While the rate of inflation varies depending on the products in question and from one year to the next, the overall cost of everything tends to increase over time.
For example, in 2022, the U.S. saw a massive 8% inflation rate, the highest since 1990 (Source: Statista).
Because of this, the longer it takes to start a window installation project, the more it will likely cost as the price for window components and labor increases year-over-year. By using window financing to pay for your new windows, you can lock in lower, current-year prices before they go up.
Find Out if You Qualify for Window Financing!
Wondering if you qualify for window financing? Reach out to Karoly Windows and check to see if you could get new impact windows and doors installed with no money down!
