When seeking the best lenders for solar loans, it’s important to compare various options based on factors such as interest rates, loan terms, and customer service. Here are some top lenders you should consider:
Top Solar Loan Providers
- LightStream: Often cited as one of the best overall options, LightStream offers loans up to $100,000 with no origination fees and fast funding. Their APRs range from 6.49% to 25.29%, and they require good credit for approval.
- SoFi: Known for its competitive rates and flexible repayment terms, SoFi is another popular choice for solar loans.
- Sunlight Financial: This lender offers solar loans in all 50 states and provides zero and low-interest-rate options. They typically require a minimum credit score of 650 and offer terms up to 20 years.
- GoodLeap (formerly Loanpal): GoodLeap provides fixed-rate loans with terms between seven and 25 years. Their APRs can be as low as 2.98%, depending on your credit score.
- Mosaic: Mosaic is a well-regarded lender among solar installers and offers competitive financing options for solar installations.
- Dividend Financial: Dividend offers secured loans requiring no down payment, with interest rates typically ranging from 3.49% to 6.99%. They have a minimum credit score requirement of 660.
- Energy Loan Network (ELN): While not a lender itself, ELN connects homeowners with credit unions offering solar loans with favorable rates.
When choosing a lender, consider factors such as interest rates, repayment terms, and any potential fees associated with the loan. Comparing multiple options and consulting with a financial advisor can help ensure you find the best fit for your needs.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-best-lenders-for-solar-loans/
