Financing
Understanding monthly payments
A larger project doesn't have to be paid all at once. Here's how payments are usually put together.
The four things that move a payment
- Amount financed - the project total minus any down payment.
- Rate (APR) - set by the lender based on the plan and your credit.
- Term - how many months the payments are spread across.
- Fees - any lender or plan fees that apply.
Longer term, smaller payment
A longer term lowers each monthly payment but usually increases the total interest paid. A shorter term costs less overall but asks more of your monthly budget.
Promotional plans
Some plans advertise 0% for a set number of months. With 0%, the payment is simply the financed amount divided by the number of months. Always read the plan terms - promotional periods can end.
Estimated payment only
Estimated payment only: Monthly payment estimates are for illustration and are not a financing offer or approval. Actual terms, rate, payment, and availability depend on the lender, credit approval, financed amount, term, and applicable fees.