Lowe’s Financing: 6 Ways to Pay for Your Home Project (2023)

At Lowe’s you have various options for paying for your purchase. Among your Lowe’s financing options are a store-branded credit card and a lease-to-own program. But you might also use a personal loan, opt for a credit card with a low introductory APR or something else.

Click below to explore Lowe’s financing options:

  • Lowe’s lease-to-own program
  • 0% interest credit card
  • Personal loan
  • Home equity loan
  • Home equity line of credit

The is a noteworthy option for frequent Lowe’s shoppers. At checkout, you can choose from two benefits: get 5% off your eligible purchase or enroll in special financing. However, it does come with a high APR on purchases, so avoid carrying a balance month to month — or simply choose a card with a lower APR.

If you make a purchase of at least $299, you could qualify to receive six months of deferred-interest financing. Provided you pay off the balance in full within six months, you’ll avoid paying interest on your purchase. (If you don’t, you’ll be charged interest from the purchase date.) For purchases of $2,000 or more, you could qualify for an installment payment option, which offers a reduced APR for up to 84 months on your purchase.

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Lowe’s also promotes limited-time offers. For example, Lowe’s credit card users may access appliance financing or air conditioning financing for 12 months instead of the typical six months on purchases of $299 or more. As is typical with store credit cards, new card applicants can also snag a sign-up bonus.

Here are the details about the :

  • Rates:
  • Annual fee:
  • Balance transfer fee: None
  • Credit requirements: Fair credit
  • Rewards: Choose 5% off eligible purchases or special financing at checkout

Who qualifies?

As with many store credit cards, it’s often easier to qualify for a 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. Currently available through Synchrony Bank, you can apply for the card online or at a store location, and will need to provide your Social Security number or an Individual Taxpayer Identification Number (ITIN) along with your annual income.

Lowe’s lease-to-own program

If you need new appliances and can’t wait to make your in-store purchase with cash, a lease-to-own program could be a good alternative. Offered via Progressive Leasing, this kind of program allows you to take your purchase home after making an initial payment of at least $79 at checkout. You’ll then pay back the cost of the items over time without interest, with the maximum repayment period being 12 months.

A key benefit to this program is that you don’t need credit to qualify. However, you won’t own the items you take home until your debt is repaid, and the maximum purchase amount is $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 attached to your property, like carpeting, water heaters, central AC units, etc.

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This program isn’t available at all Lowe’s locations, and is not available at all in Minnesota, New Jersey, Vermont, Wisconsin or Wyoming.

Here are the details on the lease-to-own program:

  • Required initial payment: $79 plus tax
  • Maximum approval amount: $2,500
  • Lease term: 90 days and 12 months
  • Payment schedule: Weekly, biweekly or monthly

Who qualifies?

What’s great about this program is that there’s no credit needed. However, you will need to meet the following requirements:

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

Other ways to fund your Lowe’s purchase

Alternative Lowe’s financing options
0% intro APR
credit card
Personal loanHome equity loanHome equity line
of credit
What it isPromotional financing on
a major credit card
Unsecured loan based
on your credit
Fixed-payment loan
secured by your
home’s equity
Revolving line of credit
secured by your home’s
APR0% for a limited time6%-36%, typically5.76%
(average interest
rate, not APR)
(average interest
rate, not APR)
Loan amountVaries, based on
credit limit you
qualify for
VariesVaries, based on
available equity in
your home
Varies, based on
available equity in
your home
TermsUsually between
6 and 18 months
Usually one to
5 years
Usually 5, 10 or 15
Often a draw period
of up to 10 years,
with up to 20 years
to repay
Who qualifiesOften requires a
higher credit score,
usually good or
excellent credit
Fair credit may qualify, but the best rates are for good or better credit borrowersMust have sufficient
equity in the home you
own and the lender might
have additional credit
Must have sufficient
equity in the home you
own and the lender might
have additional credit

0% introductory APR credit card

If you have good or better credit, you could snag a new credit card with an introductory 0% APR credit card. These cards charge zero APR for a limited time, typically for up to 18 months. Comparatively, the comes with a typical six-month financing period. As with the Lowe’s card, you’ll be charged deferred interest on your zero-APR credit card if your balance is not paid off before the introductory period expires.

If you have strong credit, a credit card that offers rewards such as cash back or travel miles may be preferable over the Lowe’s credit card. That’s because you can earn rewards on every purchase you make, rather than qualify for a discount just at Lowe’s. 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.

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Who qualifies?

To qualify, you will need to provide your annual income along with your Social Security number or ITIN so the credit card company can check your credit history. A 0% interest card traditionally is only available to consumers with a strong credit history.

Personal loan

Personal loans are typically unsecured, meaning they don’t require collateral, and come with fixed interest rates and fixed repayment terms of 12 to 60 months. They can be a strong option for good-credit borrowers who need $1,000 or more for a home improvement project or other need.

Although you can find personal loans for fair credit, interest rates can be high. Personal loan APRs typically range from 6% to 36%, depending on the lender, your credit and other factors. In December 2020, the average best-offered APR for LendingTree users with a 760 or higher credit score was 10.35%. For those with 640 to 679 credit scores, it was 23.70%.

For that reason, it’s important to comparison-shop lenders to see what kind of terms you qualify for. Most lenders allow you to prequalify for a loan without a hard credit check.

Who qualifies?

To qualify, you will need to provide proof of income as well as a Social Security number or ITIN so the lender can check your credit history. You’ll also need to disclose your income, whether you own property, and the purpose for your loan. Some lenders may request documentation such as a recent pay stub, as well.

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Home equity loan

A home equity loan is a fixed-payment loan based on the value you have in your home. You can usually decide on a term of five, 10 or 15 years. Depending on the terms and your credit, you might be able to get a low rate. But the loan is secured by your home, so if you don’t make payments, you could end up losing your house.

A home equity loan could be a good choice if you are making a substantial purchase at Lowe’s and other stores and know how much money you need to cover costs. As a home equity loan is secured, you’ll likely see much lower interest rates than with a credit card or traditional personal loan. The interest on a home equity loan may also be tax-deductible, though the application process for a home equity loan can take weeks.

Who qualifies?

To qualify for a home equity loan, you will need substantial equity in your home. Your loan-to-value (LTV) ratio needs to be 85% or less, so you will retain a minimum of 15% equity in the home even after you receive the loan. In addition, you need a minimum credit score of 620, although some lenders require a higher credit score to qualify. Lenders also will examine how much debt you have in relation to your income to ensure you have the funds available to pay off the loan as agreed.

Home equity line of credit

Like a home equity loan, a home equity line of credit (HELOC) is based on the equity you’ve built up in your home. However, a HELOC operates as a revolving credit line, so you don’t need to borrow a set amount of money. You can also have years to tap your line of credit before the draw period expires, after which you’ll repay your debt on a fixed repayment schedule.

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Because a HELOC is a secured financial product, you’ll likely qualify for a lower rate than through another financial product. That said, HELOCs can come with a variety of fees, and rates are variable, so they can rise over time just like a credit card’s.

Who qualifies?

Lenders will look at how much equity you have in your home to determine how much you qualify for in a home equity line of credit. They typically won’t approve a HELOC with less than a $10,000 credit limit. The lender also will review your income and credit history to determine how much you are approved for and the interest rate.


Is it hard to get approved for Lowes? ›

What credit score do I need for a Lowe's card? You'll likely need a fair, good, or excellent credit score to qualify for the Lowe's credit card. Fair credit scores typically start around 600. Good scores start around the high 600s, and excellent scores start around 800.

What credit score do you need for Lowe's financing? ›

The credit score that you need for the Lowe's Store Card is 640, at a minimum. That means people with at least fair credit have a shot at getting approved for this card.

What is the maximum credit limit on a Lowes card? ›

Your Lowe's Credit Card credit limit will depend primarily on your creditworthiness, debt and income. People have reported being approved with a fair score around 650, but the limits were around $300. Generally, you'd need a higher score of 700+ if you want a higher credit limit (around $2,000).

Can you pay off Lowe's 84 month financing early? ›

In lieu of the 5% discount, the card offers special financing deals (subject to credit approval): No interest if paid off in full within six months for purchases of $299 or more. 84 fixed monthly payments on purchases of $2000 or greater at a reduced APR, with no prepayment penalty.

What is the lowest credit score? ›

Here are the credit score ranges for each category:
  • Very poor: 300 to 579.
  • Fair: 580 to 669.
  • Good: 670 to 739.
  • Very good: 740 to 799.
  • Excellent: 800 to 850.

Does Lowes do a soft or hard credit check? ›

What is the usual Lowe's credit card approval time? Lowe's Store Card offers online pre-qualification which only triggers a soft pull of your credit, without affecting your credit score. While pre-qualification does not guarantee you'll be approved, it indicates the odds are in your favor.

Does Lowes run a hard credit check? ›

Yes, the Lowe's Store Card does a hard pull when you apply for it. And a hard pull could temporarily affect your credit score, as you might already know. You'll need at least fair credit to be approved, and luckily you can check if you pre-qualify without hurting your credit.

Is it hard to get credit increase for Lowes? ›

To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update your income. You will be more likely to get a credit limit increase if the revised income clearly shows that you can afford a higher limit.

Does a Lowes card build credit? ›

Just like any other credit product, the Lowe's Advantage Card can help you build your credit. Just remember that you need to make regular payments, otherwise your credit score will take a hit.

What is an excellent credit limit? ›

If you have good credit, you should have high odds of getting approved for a credit limit around $5,000. With excellent credit, you may get a limit of more than $10,000. A high credit limit is good because using up most or all of your credit card's limit is bad for your credit standing.

What is the highest credit card limit a person can get? ›

Highest “Overall” Credit Limit: $500,000

The winners of the nosebleed award for the highest credit limit among cards for mere mortals are these twins: Chase Sapphire Preferred® Card and Chase Sapphire Reserve®, with annual fees in the mid-triple digits and high-double digits, respectively.

What is a normal credit limit on a card? ›

What is considered a “normal” credit limit among most Americans? The average American had access to $30,233 in credit across all of their credit cards in 2021, according to Experian. But the average credit card balance was $5,221 — well below the average credit limit.

What are Lowes payment options? ›

Make payments online as well as by mail or at a local Lowe's store. Accepted forms of payment include physical or electronic checks, money orders, or similar payment instruments from a US bank.

Can you use two payment methods on Lowes? ›

Feb 15, 2022•Knowledge. If a client would like to use more than one type of payment method for a purchase, you can split payment methods while processing a sale in business mode. This can be handy when clients wish to use multiple credit cards for large purchases or for applying account credit to part of a sale.

Does Lowe's have 12 months no interest? ›

No interest if paid in full within 12 months. Offer applies to appliance purchase or order of $299 or more made on your Lowe's Advantage Card.

What is the highest poor credit score? ›

In the FICO scoring model, scores range from 300 to 850. This number represents the likelihood that a borrower will repay a loan.
Here's how the FICO credit scoring system ranks credit scores:
  • Poor: 300-579.
  • Fair: 580-669.
  • Good: 670-739.
  • Very Good: 740-799.
  • Exceptional: 800-850.
Aug 16, 2022

Is 650 a low credit score? ›

A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

What raises credit score? ›

Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.

What will show on a soft credit check? ›

A soft credit check doesn't leave a visible footprint on your credit file, but it is recorded. This means no other lenders can see it. A soft credit check won't impact your credit score, but, you'll be able to see if anyone has checked your credit history.

What credit score do you need for a Walmart card? ›

You need a credit score of 640 or higher to qualify for a Capital One Walmart Rewards® Mastercard®. This implies that those with average to exceptional credit are more likely to get approved for the Walmart Credit Card.

Who does Lowes finance through? ›

With a credit transaction, financing or a loan, you make a purchase with borrowed money that must be repaid, often with interest. With a Progressive lease, we purchase the merchandise you select from the retailer. Then, you sign an agreement to lease that merchandise from Progressive.

What credit score do you need for a Home Depot or Lowes credit card? ›

A credit score of 640 or higher is needed for a Home Depot® Credit Card; this means that you need to have a fair credit score to get it.

How often does synchrony bank give credit increases? ›

Issuers tend not to extend automatic increases until you've had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you're considered for another increase, assuming you manage your account responsibly in the meantime.

Should I have 3 credit cards? ›

If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.

How much do you have to spend at Lowes to get no interest? ›

**No Interest if Paid in Full Within Six Months: Offer applies to purchase or order of $299 or more on your Lowe's Advantage Card. Interest will be charged to your account from the purchase date if the promotional purchase is not paid in full within six months.

Is applying for a Lowes card a hard inquiry? ›

Yes, the Lowe's Store Card does a hard pull when you apply for it. And a hard pull could temporarily affect your credit score, as you might already know. You'll need at least fair credit to be approved, and luckily you can check if you pre-qualify without hurting your credit.

What is the Lowes hiring process like? ›

If you apply online, you may be asked to complete an assessment as part of your application process. If you apply in person, you may be sent a link to complete an assessment. Lowe's requires employees applying to certain positions to complete these assessments before the company schedules their in-person interviews.

Is it better to apply for Lowes card online or in person? ›

It's usually better to apply online, simply because you might get approved instantly. After you get approved, you can then take the card and get 20% off your first purchase, up to $100 off.

How long are shifts at Lowes? ›

As far as shifts go, you can expect to work in 4- or 8-hour periods, with half-hour and hour-long lunch breaks (or corresponding breaks for evening/overnight shifts).

How many hours a week do you work at Lowes? ›

Part-time hours are 25hrs on average. Full-time employees get 39-40hrs.


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