Kitchen Appliance Financing

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How much would you like to borrow for updating your kitchen appliances?

by | Jul 13, 2021

Kitchen Appliance Financing

The kitchen is a central hub for family time. Everyone needs to use the kitchen for something, whether that be cooking, eating, or just spending time together around the kitchen table.


Cooking is an important skill, often passed from parent to child. That is why it is important that you have the kitchen appliances that best meet your family’s needs.


Why update kitchen appliances?

There are plenty of reasons you might want to replace your current kitchen appliances. If you are looking to remodel your kitchen you probably want a complete appliance overhaul. Or maybe a large appliance in your kitchen just isn’t running as efficiently as it used to and you are looking for an upgrade. Whatever the reason may be, it can be daunting looking at the prices of these large kitchen appliances. Continue reading for options to finance your new kitchen appliances.


How much do new kitchen appliances cost?

Types of kitchen appliances

Depending on your situation you may be looking to replace all kitchen appliances or just one. If you are looking to remodel your kitchen you’ll likely want to replace all kitchen appliances. If you are just looking to upgrade a couple appliances then maybe you would like to focus on bigger ones such as a refrigerator or dishwasher.


Electric Cooktop vs. Gas Cooktop

An electric cooktop installation ranges from $390 to $4,185 if the installation does not require any changes to the counter or wiring.

A gas cooktop installation ranges from $430 to $4,225 if the space does not need to be altered or if the installer does not need to add a new gas line.

Both electric and gas cooktops are great choices for your kitchen, it all just depends on your aesthetic preference or cook preference. 


Stoves, Ranges, and Ovens

Freestanding and drop-in ranges are often at the cheaper end of the spectrum when it comes to price, starting at $410, depending on brand and location. However, maybe a cooktop with a double wall oven would better suit your kitchen. A double wall oven ranges from $1,905 to $6,685, barring any changes to cabinets of counter space.


Kitchen Appliance Packages

Retailers will often offer a discount when buying multiple appliances. If you are remodeling your kitchen look for retailers that offer these types of deals. If you are on the fence about replacing more than one appliance, it could be beneficial to see what type of deal you can get.


Average price per appliance



Appliance Price Range

Installation Price Range


$330 – $1,900

$200 – $500


$50 – $2,300

$115 – $200

Range Hood

$45 – $2,450

$300 – $600


$425 – $10,600

$150 – $250

Stove & Range

$410 – $7,500

$100 – $200


Options for Kitchen Appliance Financing


  1. Personal Loan

A personal loan can be a good option when you are not liquid enough to pay for a project in cash or do not yet have enough equity in your home to leverage for new kitchen appliances. A personal loan is a type of installment loan. This type of loan is typically paid back in 12-84 months so it can offer a lot of flexibility. A personal loan can be a good option for someone with good credit or a good relationship with their bank or credit union. This type of loan does not require that you put anything up as collateral so you do not need to worry about a lien on your home as long as you make your payments. Interest rates for personal loans can be lower than those for credit cards or other types of loans. Interest rates for personal loans can range from 5 to 32 percent depending on credit and loan length, while credit card interest typically averages 18 percent. Generally, the better credit you have the lower the interest rate will be. One thing to keep in mind with personal loans is that the better your credit, the lower your interest rates will be.

Prepayment penalties: Some lenders don’t charge prepayment penalties, meaning you can pay off your loan early and decrease the amount you pay in interest.


2. Home Equity Loan

A home equity loan can be considered a second mortgage. A home equity loan allows you to borrow a lump sum of money using the equity you have built in your home. A typical repayment for a home equity loan is between 5 and 30 years.

You can calculate your home’s “loan to value” ratio by dividing the amount you owe by the value of your home. For example, you owe $150,000 on a home worth $300,000. That’s $150,00/$300,000 = 0.5 or 50 percent loan to value. This means that you have 50% equity in your home. After calculating your home equity, compare it to your lender’s maximum LTV ratio to see if you qualify for a home equity loan. After confirming that you may qualify for a home equity loan you can calculate how much you may borrow by multiplying the value of your home by the maximum LTV of the lender and subtracting your mortgage balance.


Pros & Cons

Home equity loans are great for people who want to fund home improvement projects because the interest you pay will be tax deductible if the money is used for renovations, according to BankRate.


Home equity loans offer competitive interest rates when compared to other options.




Low interest rates

Closing costs can be expensive


Fixed monthly payments

For those who want to pay it off fast, they have longer funding timeline than personal loans

Interest may be tax deductible

Risk of losing your home if you are unable to make payments


Home Equity Loan vs. Home Equity Line of Credit (HELOC)

Both home equity loans and HELOCs are secured against the value of your home equity. However, a home equity loan is a lump sum of money and a HELOC is a revolving line of credit, similar to a credit card.


A HELOC may be harder to secure than a personal loan or home equity loan therefore you need good credit and a high LTV ratio.


3. Credit Cards

Credit cards are always an option for financing home improvement projects. However, credit cards are likely to be the most costly option when financing new kitchen appliances. Moreover, the interest rates will likely be higher with credit cards, making them harder to pay off over time. Credit cards can be obtained regardless of credit issues and therefore can be the most flexible option for a broader range of credit histories.


Reasons for Kitchen Appliance Update


Upgrade according to style

According to the NAR a kitchen appliance upgrade received a Joy Score of 10 out of 10 by homeowners who completed the project. This means that homeowners were completely satisfied with their upgrade.

The top two reasons homeowners decided to upgrade their kitchen appliances were to upgrade worn out surfaces, finishes and materials, and to upgrade according to style changes.

If you are looking to sell your home in the near future and you are thinking about upgrading your kitchen appliances, then it would be a good idea to look into current style trends. Stainless steel is a timeless favorite among homeowners, realtors, and prospective buyers.


Increase home resale value

According to the NAR kitchen appliance upgrade ranked second in home improvement projects that appeal to buyers. It also ranked second in expected value at resale.


Other Factors to Consider:



Stainless Steel

Stainless steel appliances cost $100 to $200 more, on average,  than black or white versions. Fingerprint-resistant black and stainless steel run $300 to $400 more than black or white models.



Style can be a big factor in wanting to upgrade appliances. There are many different styles of home, from rustic to modern. It is important that you find the style that is right for you and build your home around it. Maybe you recently bought a modern-style home but the kitchen is not up to date with the exterior, new appliances could go a long way in bringing cohesion to your home.



Smart Appliances

Smart appliances are specialized appliances built to run from a central system. Smart appliances sync with apps on your smartphone, tablet, or computer so you have the option to control them whenever and wherever you want. Smart appliances can cost 20% to 50% than their traditional models. Smart appliances can offer peace of mind when away from home and even have the ability to decrease utility bills.


Energy Efficiency

Energy efficient appliances are a good option if you are remodeling the kitchen to sell or if you are just upgrading a few appliances for your pleasure. Energy efficient appliances are attractive to buyers because it could save them money on their utility bills. When replacing an older appliance with an Energy Star certified appliance you can save 10% to 50% of the energy required. An Energy Star certified refrigerator uses around 15% less energy than a traditional refrigerator. An energy-efficient dishwasher uses around 10% less energy and 20% less water than a traditional model.


Would new kitchen appliances increase the value of your home?


What type of kitchen appliances offer best resale value?


New refrigerators are one of the best appliances to upgrade when looking to put your house on the market. Refrigerators featuring french-doors and built-in water and ice dispensers offer the best ROI.  



Built-in stoves offer a better return on investment compared to stand-alone ones. Other functions that attract buyers are flat-tops and energy efficiency.


Built-in Microwave

If your kitchen has the space, think about adding a built in microwave. A built-in microwave offers a more cohesive space and will not take up precious counter space. A built-in microwave can also add the benefit of a fan if placed over the stove.


Stainless Steel

No matter which appliances you choose to upgrade, think about choosing stainless steel. Stainless steel offers the best resale value because the look is timeless and fits with many different styles.


Upgrading your kitchen appliances is a good way to boost the resale value of your home without going through a complete remodel. A kitchen appliance update can give your kitchen a fresh, new feel to potential buyers.


Average ROI for kitchen appliance upgrade


There are many different factors that go into assessing the ROI of a kitchen appliance upgrade. Much of the calculation depends on the type of appliance(s) and the location of the home. On average, homeowners are able to recover 52% of the value when installing new kitchen appliances. Therefore, if you invest $20,000 into your kitchen appliance upgrade the cost recovered would be $10,400.



Is it really worth it?

Yes! Whether you are thinking of putting your house on the market or remaining in your home for years to come, upgrading your kitchen appliances is an excellent option. Homeowners find it very fulfilling to upgrade kitchen appliances, even without a full kitchen remodel.  If you are worried about the price tag when upgrading your kitchen appliances, consider a financing opportunity.  Taking advantage of financing opportunities is a great option when considering upgrading your appliances because it can take the stress away from paying thousands of dollars upfront.










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