Cary NC
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Installment Loan In Cary NC

Greg is planning to replace all of the windows on his home and he will need an installment loan to help him handle the expense.

He has some money already set aside for this particular renovation, however he will still need to borrow $3500 to help pay for this upgrade.

He is planning to take advantage of several incentives that are being offered by his local government aimed at helping consumers conserve energy and reduce their carbon foot print.

With the combination of this incentive and discounts for completing all of the windows at the same time from the supplier, it is a deal he really cannot afford to pass up.

He will save a great deal of money, yet he needs this loan to make it all happen. With a $3500 loan spread over a two year term, he will be able to pay for his window replacement project and save money at the same time.

He has already paid the deposit on the job and expects the windows will be ready for installation in about two weeks. He would like the loan approved and the money in his account sometime in the next two weeks.

A $3500 loan with an two-year term and 5.6% interest rate for Greg would cost him the following per month:

• Loan Amount (principal) = $3500
• Interest Rate = 5.6%
• Term Length = 2 year
• Monthly Payment = $154.49
• Total Paid Back = $3707.81
• Total Interest = $207.81

Greg and his wife have a very good credit score. They have the typical mortgage, car loan and credit card debt. They are just on the edge of having too much debt for their income level.

Typically, lenders look for mortgage, taxes and loan monthly payments to be less than 35% of their monthly gross income. He is at 30% at the present time and this loan will bring him up close to the limit that most lenders look for.

He has indicated that he has several investments available to him that he could cash in to pay for this window replacement project.

He would rather take the installment loan and retain his investments for another rainy day or what most people consider an emergency fund.

He and his wife believe that they should always have an emergency fund available to deal with anything that life throws at them, including health issues and / or job loss.

This window replacement deal is just too good to pass up between the incentive program and the savings they will receive from the supplier.

They will also be more comfortable in their home, saving energy to heat and cool their home and in theory experience less drafts from around the windows.

Greg will repay the installment loan over a two year period and the total cost of interest will only be a little over $200, which is very reasonable for this size of loan. It will not reduce his savings significantly.

In fact, if he had to pay regular prices for the windows without the incentives, the extra cost would be much higher and he would actually lose money compared to this deal.

If you live in Cary NC and you need a loan regardless of a bad credit rating we hope our web site helps you in some way.