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Septic tanks are a necessity if your home isn’t connected to the local sewer plant. But the costs of buying and installing one can easily set you back several thousand dollars. Even making repairs can be pricey. Luckily, there are lots of financing options for keeping this essential piece of equipment in top shape.
Installing a new septic tank typically costs between $3,100 and $9,444 for a standard anaerobic system, according to customers on HomeAdvisor. This generally includes the following expenses:
Once it’s installed, you need to have it inspected and pumped every few years, which can cost hundreds or even thousands of dollars, depending on where you live.
There’s a chance that when you get your septic tank inspected, you’ll have to make repairs. This typically ranges from $600 to $2,500, according to customers on HomeAdvisor.
One of the most common repairs is replacing a broken pipe, which can cost around $1,500 — and might involve digging up your driveway again. But if your septic tank has started to contaminate the area around it, you might have to move it to another location, which can set you back as much as $20,000.
Installing or repairing a septic tank is one of the easiest home improvements to fund, thanks to several government options. Consider starting with the following options when looking for septic tank financing.
Some federal and state agencies offer low-income residents affordable loans and grants to replace or repair your septic tank. If you live in a rural area in particular, consider reaching out to your local government first to find out what options are available.
Some states with notable programs include:
The USDA also offers general-use home repair loans and grants to low-income households. Loans run up to $20,000 with interest rates fixed at 1%. Grants can get as high as $7,500.
To qualify for a loan, you must be the homeowner, currently occupy the house and have a household income of less than 50% of the median income in your area. If you’re over 62 years old, you’re also eligible for a grant. You can get started on your application by contacting your local USDA office.
Some lenders offer loans specifically for replacing or repairing a septic tank. You can often find these through nonprofit lenders like Craft3 in the Pacific Northwest, which offers APRs close to 2.5% depending on how much you borrow and your location. Plus its loans come with flexible repayment terms. Your home and septic tank might need to meet certain requirements to qualify.
Since nonprofits tend to serve one community, you might have better luck finding one through your local housing department, USDA office or Department of Environmental Conservation.
Home equity lines of credit (HELOCs) and loans are two of the most popular ways to fund home improvements, including repairing or replacing a septic tank. Also known as a second mortgage, a home equity loan involves borrowing against the amount you own in your home.
Backing your loan or line of credit with your house can help you qualify for more competitive rates and terms than an unsecured personal loan, though you risk losing your home if you can’t pay it back.
Borrowers with strong credit might want to consider taking out an unsecured personal loan. Personal loans typically range from $1,000 to $50,000 with APRs from 4% to 36% and terms from three to five years.
It’s less of a risk than a home equity loan, since you don’t need collateral. These can be a helpful option if you’re ineligible for government loans or grants.
To find a list of lenders that you may qualify for, select the range that your credit score falls under and select the state that you reside in.
Some septic companies offer financing plans for their services so you don’t have to pay it off all at once — many through third-party lenders like GreenSky. Others offer a combination of loans and same-as-cash financing.
Same-as-cash financing means you have often three to six months to pay your bill without paying interest. If you can’t pay it off during that time, you might have to pay interest that’s higher than the rates you’d get with a loan — similar to a credit card with a 0% promotional rate.
In addition to this, some septic companies have coupons on their website that offer discounts on services. You can typically use these in addition to financing to lower your cost even more.
Some states offer tax credits or deductions for repairing or buying a new septic tank. For example, Massachusetts allows its residents to get a tax refund for up to 40% of the cost of the tank. You won’t have to pay it back, though you might want to hire a tax expert to make sure you declare it correctly. You also need to provide the money up front, which isn’t helpful if you don’t have that kind of cash on hand.
The better you care for your septic tank, the less often you’ll need to make expensive repairs. Here are seven ways to keep it in top shape:
You can find lots of financing options for installing or repairing a septic tank. Government-funded loans and grants are generally the least expensive way to pay for a septic tank. But they aren’t available to everyone and can take some time to process. If you’re in a pinch, a personal loan could be a better solution.
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