Thinking about remodeling your bathtub or shower, but not sure if you can afford it?
Are you wondering how home improvement loans work or if you’ll get hit with hidden fees in the fine print?
At Shugarman’s Bath, we understand that remodeling your bathtub or shower is a big investment. This is why we offer flexible financing options through trusted partners. There are even plans without interest.
This article will cover each plan type, how the approval process works, payment timelines, and whether you can combine cash with financing. By the end, you’ll have a better idea of how to best pay for your bathtub or shower remodel.
Why Shugarman’s Bath Partners With Upgrade
Upgrade Financial is a third-party financing company that specializes in home remodeling loans. That means the money used must be for home improvements. This isn’t like general spending, which a HELOC might allow.
Upgrade makes the process easy because:
- Loans are unsecured, meaning you don’t need to use your house or car as collateral.
- There are no prepayment penalties, meaning you can pay off your loan early without extra fees.
- Approval happens fast, typically within 10 minutes during your consultation.
- No pay stubs or bank statements are required. You provide your income and basic details.
The Two Types of Financing Options
Shugarman’s Bath offers two main financing options:
- Interest-Bearing Plans
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- Longer terms, shorter monthly payments
- No-Interest Plans
- Shorter terms with faster payoff
Again, you ARE NOT penalized for paying your loan off early.
Below is a simple breakdown of each option.
1. Plans With Interest
These are good options if you want lower monthly payments over a longer period of time.
0-60 Months (Up to 5 Years
- Interest rate: 6.99%
0-120 Months (Up to 10 Years)
- Interest rate: 9.99%
- Great for low monthly payments.
0-180 Months (Up to 15 years)
- Interest rate: 9.99%
- Our longest term with the smallest monthly payment.
If you choose a longer loan but pay more each month, you end up paying much less interest. For example, paying off a 60-month plan in about 30 months can cut the total interest almost in half.
Use a personal loan calculator to see how much total interest you would save per month by paying your project off early.
2. No-Interest Plans
These plans allow you to save money by avoiding interest completely. That said, they require more discipline.
12 Months - No Monthly Payments
- No monthly payments for one year
- The whole balance must be paid before the 12-month deadline
- If you go even one day over, the interest jumps to roughly 30%
- If you go even one day over, the interest jumps to roughly 30%
Note: Many people struggle with this plan because it’s easy to forget the deadline.
24 Months With Monthly Payments
- No interest for two years
- Monthly payments required
- No penalty for early payoff
Can I Mix Cash With Financing?
Yes. You could have a portion of the contract be in cash and then finance the rest. This can lower the total interest (if you go with a long-term plan) and reduce monthly payments.
How Do Cash Payments Work If I Don’t Finance?
If you decide to pay in cash, here’s how it works:
- $1,000 deposit
- The first 10% or $1,000 (whichever is less) will be a deposit. With California state law, “If a down payment will be charged, the down payment shall not exceed one thousand dollars ($1,000) or 10 percent of the contract amount, whichever amount is less” (Cal. Bus. & Prof. Code § 7159).
- Since our projects average over $10,000, it will be the lesser amount of $1,000 for the deposit.
- A progress payment is due 3-5 days after the deposit
- This typically includes efforts made by your contractor to move the project forward. Both the deposit and progress payment added together are roughly 30% of the full remodel cost before starting your project.
- The remaining 70% upon completion of the installation
The only exception is for custom or frameless glass. Because custom glass takes 10-14 days after installation, payment plans work like this:
- $1,000 deposit
- Progress payment 3-5 days after the deposit
- 50% after the install (before the glass is put in)
- The final 20% after the glass is installed
How Do I Get Approved?
During your in-home appointment, your design consultant enters your:
- Name
- Address
- Date of birth
- Household income
- Email and phone number
- Optional: savings, investments, home equity
Next, Upgrade does a quick credit check. This happens on the spot and takes roughly 10 minutes to confirm approval.
Finally, you’ll receive an email link to verify and accept the loan terms.
Most people get their approval on the spot. Not everyone gets approved.
When Do Payments Start?
This can vary, but payments are made approximately 30 days after you approve the payment request via email. This email arrives after your bathtub or shower installation is complete. Your consultant from Upgrade can confirm the exact date.
Why Choosing Financing Can Be Better Than Paying in Full
Financing options can come with several benefits.
1. You can keep your cash longer.
Some plans, like the 12-month no payment plan, let you keep your money in the bank while your remodel is completed. If you wanted, you could earn interest in a high-yield savings account while you wait.
2. Prices for bathroom remodels, on average, rise every year with inflation.
Based on national data, bathroom remodels increase by an average of 7.8% per year. So even waiting two years to save money could cost you roughly 16% more for the same project.
Using financing plans with interest now may cost about the same as waiting to pay in cash in a few years.
3. You get your remodel now. Not years later.
Instead of living with an old tub or shower while you save, financing lets you enjoy your new space sooner.
4. No prepayment penalties.
This means you can:
- Make bigger payments when you have extra money
- Pay the minimum amount when cash is tight
- Pay the full balance off early whenever you want to (within the timeframe you agree on)
All of this flexibility can give you peace of mind or let you take that nice vacation you and the family wanted to take this summer without burning a hole in your pocket.
Tips For Choosing the Best Financing Plan For Me
When giving these tips, please remember: we at Shugarman’s Bath are not financial advisors and are not giving you financial advice. We’re not telling you how to use your money. We’re giving tips so you can see what best fits your budget or lifestyle.
- Pick a plan with payments that feel comfortable.
- If you’re unsure, choosing a longer plan could give you a safety net.
- If you think you might forget deadlines, avoid the 12-month plan.
- Have your design consultant show you the numbers so you can compare options.
Go With a Bathtub and Shower Remodeler That Works With You
Financing a remodel doesn’t have to feel daunting or out of reach. You now have a clearer breakdown of the options Shugarman’s Bath offers, whether they’re interest-bearing plans, no-interest plans, and how to mix cash and financing.
We know you’ve probably struggled with the question of how to afford a bathtub and shower remodel without screwing yourself financially. Our financing solutions were created to ease that stress.
Next, schedule a free consultation with Shugarman’s Bath to walk you through the numbers and choose a plan that fits your bath or shower remodeling needs.
