Lowe’s Financing: 6 Ways to Pay for Your Home Project

Whether you’re buying new kitchen appliances or diving into a full home renovation, Lowe’s is a popular option for all things home improvement. This retailer offers two financing options: a store-branded credit card and a lease-to-own program.

But if you’re looking for Lowe’s financing to fund a large purchase, you might instead consider using a personal loan, opt for a credit card with a low introductory annual percentage rate (APR) or borrow against the equity in your home.

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Lowe's Advantage Card

The Lowe's Advantage Card is a noteworthy option. At checkout, you can choose one of three benefits:

• Receive 5% off
• Pay 0% APR for 6 months
• Enroll in special financing with a low, fixed APR

However, this store card does come with a high standard APR on purchases, so avoid carrying a balance month to month — or simply choose a card with a lower APR. Plus, the Lowe’s Advantage card can only be used for purchases at this retailer.

If you make a purchase of at least $299, you could qualify to receive six months of 0% APR financing. Provided you pay off the balance in full within those six months, you’ll avoid paying interest on your purchase. (If you don’t, you’ll be charged deferred interest from the purchase date.)

For purchases of $2,000 or more, you could select an installment payment option, which offers a reduced APR for up to 84 months. Alternatively, you could choose to receive 5% off your total purchase; keep in mind, however, that this discount cannot be used in conjunction with other promotional offers.

Lowe’s also promotes product-specific financing offers. For example, Lowe's Advantage Card users may access 0% APR or reduced-interest financing on appliances or air conditioning for 12 months, instead of the typical six months on purchases of $299 or more.

As is usual with store credit cards, new card applicants can also snag a sign-up bonus — in this case, 20% off your first purchase, up to a maximum of $100.

Who qualifies?

As with many store credit cards, it’s often easier to qualify for a Lowe's Advantage Card than for a major general-use credit card. You’re likely to qualify with fair credit, particularly if you have a FICO Score of at least 620.

How to apply

You can apply for the card online or at a store location. You’ll need to provide your Social Security number or an Individual Taxpayer Identification Number (ITIN), along with your annual income. If you apply online, you have the option to see whether you prequalify, with no impact to your credit score. The Lowe’s Advantage card is serviced by Synchrony Bank.

Lowe’s Lease-to-Own program

If you need new appliances and can’t afford to wait to make your in-store purchase with cash, you may consider using the Lowe’s Lease-to-Own program.

Offered by Progressive Leasing, this program allows you to take your purchase home after making an initial payment of at least $59 at checkout. You’ll then pay back the cost of the items plus interest over a period of 12 months.

While you don’t need credit to qualify, this Lowe’s financing option is very expensive. Progressive Leasing doesn’t disclose the exact APR charged for this service, but you may end up paying more than double the cash price.

For example, if you make a $1,500 purchase, you live in Texas and you get paid every other week, the cost to lease is a whopping $1,784 on top of the purchase price. This means that by the end of the 12-month repayment period, you’ll have paid a total of $3,284, which roughly translates to about 188% APR.

You won’t own the items you lease until your debt is repaid, and the eligible purchase amount is only $150 to $2,500. Further, while most Lowe’s items do qualify for leasing — think appliances, grills, patio furniture, power tools, smart home devices and more — you cannot lease perishable items or items permanently attached to your property, like flooring, water heaters or central AC units.

Given the high cost of this program, you should consider other financing options for your Lowe’s purchase. Also, note that this program is not available in Minnesota, New Jersey, Vermont, Wisconsin or Wyoming.

Who qualifies?

Progressive Leasing will check your credit report, but it often approves borrowers with poor or no credit. To qualify, you’ll need to meet the following basic requirements:

• Be at least 18 years old
• Have a Social Security number or ITIN
• Have a checking account and credit or debit card

How to apply

To apply for the Lowe’s Lease-to-Own program, simply visit a participating store, apply online or text LOWES to 57597.

Other ways to fund your Lowe’s purchase

The Lowe’s Advantage card can be a good option for die-hard Lowe’s shoppers, especially if you can take advantage of the 0% APR financing and repay your purchase before the end of the promotional period. However, if you need to finance a large Lowe’s purchase, you have other options.

  0% introductory APR credit card

If you have good or better credit, you could snag a 0% APR credit card. These cards charge no interest for a limited time, often up to 21 months. However, when the promotional period ends, you’ll be charged interest on any remaining balance.

In comparison, the Lowe's Advantage Card typically comes with a six-month financing period but charges deferred interest if you don’t repay your balance in full before the introductory period ends.

If you have strong credit, a credit card that offers rewards like cash back or travel miles may be preferable to the Lowe’s credit card, since you can earn rewards on every purchase you make, rather than just discounts on Lowe’s purchases. Further, you may be able to snag a credit card with a lower purchase APR, which would make repayment more affordable if you end up carrying a balance.

  Personal loan

Personal loans are typically unsecured — meaning they don’t require collateral — and come with fixed interest rates and repayment terms commonly between 12 and 84 months. They can be a strong option for good-credit borrowers who need $1,000 or more for a home improvement project.

Although you can find personal loans for bad credit, interest rates can be high. Personal loan APRs typically range from 7% to 36%, depending on the lender, your credit and other factors. In the first quarter of 2023, personal loan APRs ranged from 7% to 36%, and the average APR received by LendingTree users with a 720 or higher credit score was 14.37%.

It’s important to compare offers from multiple lenders to see what kind of terms you may qualify for. Most lenders allow you to prequalify for a loan without a hard credit check.

  Home equity loan or home equity line of credit (HELOC)

If you’ve built equity in your home, you may be able to secure financing with better terms and lower interest rates than a credit card. Home equity loans and HELOCs are secured by your property, so they’re often one of the least expensive ways to borrow money.

A home equity loan is similar to a personal loan and comes with a fixed APR and predictable repayment schedule.

A HELOC, on the other hand, is a bit more like a credit card — you withdraw funds on an as-needed basis (up to a capped amount) and only pay interest on what you’ve borrowed to date. Most HELOCs come with variable interest.

It’s important to understand that because home equity loans and HELOCs are secured financial products, you risk losing your home if you don’t repay the loan. Plus, since your lender will order a home appraisal as part of the approval process, it can take up to six weeks to access funds.

A home equity loan or HELOC could be a good choice if you’re planning a substantial purchase or home renovation project and don’t want to be limited to shopping at Lowe’s.

The information related to the Lowe's Advantage Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.