Financing

Financing for Home Elevators & Lifts

Adding a home elevator or lift can be a big investment, but it doesn’t have to be overwhelming. With the right financing homeowners can spread out costs, keep projects on schedule, and make accessibility upgrades affordable. In this guide, we’ll explore the financing options available from top lenders like LightStream to dealer programs through Nationwide Lifts, Mobility Trust, and others. We’ll also cover medical financing options like CareCredit and state programs designed to support accessibility improvements. By comparing these choices side by side, you’ll gain a clear understanding of which option fits your budget, credit needs, and long-term goals.

LightStream (via HomeLift, PVE, and others)

LightStream, a division of Truist Bank, is one of the most widely used lenders for home elevator projects. They partner with dealers like HomeLift and PVE (Pneumatic Vacuum Elevators) to provide unsecured loans ranging from $5,000 to $100,000. Loans feature fixed interest rates, no fees, no prepayment penalties, and no home equity requirement. Funding can be fast, sometimes the same day. LightStream is best suited for homeowners with good to excellent credit who want a straightforward, predictable monthly payment plan.

Mobility Trust

Mobility Trust specializes in financing for accessibility equipment, including home elevators, wheelchair lifts, and ramps. They work directly with dealers, which means your local elevator provider can often arrange financing through them. Because Mobility Trust focuses on accessibility, their loan terms are tailored to projects like residential lifts, making them a practical choice for homeowners needing mobility solutions.

BraunAbility / CareCredit

While BraunAbility is better known for mobility vehicles, they also support accessibility equipment financing through CareCredit, a healthcare financing program. CareCredit offers promotional financing plans, including 0% interest periods if the balance is paid within the promotional window. This option works well for families who want smaller, short-term payments while covering the cost of a lift or accessibility upgrade.

Assistive Technology Loan Programs (State & Nonprofit Options)

In many states, nonprofit and public programs provide low-interest loans for accessibility improvements. For example, the Assistive Technology Loan Fund Authority (ATLFA) in Virginia offers favorable financing for residents needing accessibility upgrades, including home elevators and lifts. These programs often feature longer terms, below-market interest rates, and flexible qualification standards for seniors, people with disabilities, or veterans. Similar programs exist in other states, so it’s worth checking local resources.

Dealer or Manufacturer Financing Programs

In addition to the companies listed above, many manufacturers such as Stiltz, Savaria, and others or their authorized dealers partner with lenders to provide promotional financing. These programs may include deferred interest, flexible installment plans, or bundled packages that combine product and installation costs into a single payment plan. Be sure to ask your installer what financing options they can offer at the time of purchase.

Choosing the Right Financing Option

The best financing path for a home elevator or lift depends on your goals, budget, and financial situation. If you want a fast, unsecured loan with predictable payments, companies partnered with LightStream may be your best bet. If you prefer to keep things simple and handle everything in one place, dealer financing through companies like Nationwide Lifts or Mobility Trust can streamline the process. For homeowners with a medical necessity or limited income, CareCredit or state assistive technology loan programs may provide more flexible terms or lower costs.

Before Deciding, Compare These Factors

Financing a home elevator is more than just finding someone willing to lend you money, the details of the loan can make a big difference in what you actually pay over time. Here’s a closer look at the main factors to compare before making your decision:

Interest Rates & APR

The interest rate (or APR) is one of the biggest cost drivers in any loan. Some lenders offer fixed rates, which stay the same for the life of the loan, making your monthly payments predictable. Others may have promotional rates, such as 0% interest for a certain period if paid in full, which can be attractive for shorter-term financing like CareCredit. However, once the promotional window closes, interest can jump significantly. Always check the “go-to” rate after the promo ends. Variable-rate loans are less common in this space but may be offered by certain lenders; these rates can fluctuate with the market, which may be risky for a long-term project like a home elevator.

Loan Term Length

Loan terms can range from just a couple of years to as long as 20 years in some cases. Shorter terms generally come with higher monthly payments, but you’ll pay much less in interest overall. Longer terms lower your monthly payments and make financing more affordable in the short run, but you’ll pay more in interest across the life of the loan. Consider both your monthly budget and the total cost of borrowing when deciding on a term length.

Fees & Penalties

Not all loans are fee-free. Some lenders charge origination fees, late payment fees, or even prepayment penalties if you want to pay off the loan early. Companies like LightStream market themselves as “no fee” lenders, which can save you hundreds of dollars. Always read the fine print to make sure hidden charges don’t inflate your overall cost.

Credit Requirements

Your credit score plays a major role in what financing you qualify for. Lenders like LightStream cater to borrowers with good to excellent credit, which opens the door to their lowest rates. If your credit is average or below, you may still qualify for financing but at a higher APR. In that case, specialized programs such as Mobility Trust or state assistive technology loan funds may offer more favorable terms, even for borrowers who don’t meet traditional bank standards.

Dealer Partnerships

Many elevator installers and manufacturers work with preferred lenders, and these partnerships can sometimes unlock exclusive terms not available on the open market. For example, PVE and HomeLift partner with LightStream, while other dealers work with Mobility Trust or their own in-house financing. Before signing any agreement, ask your installer what financing options they’ve arranged for past customers and whether any current promotions are available. Sometimes bundling the equipment, installation, and financing through the dealer can save you time and money.

Example Financing Scenarios for a $40,000 Home Elevator

Loan Type	Loan Term	Interest Rate (APR)	Estimated Monthly Payment	Total Interest Paid	Total Cost of Loan
Short-Term Fixed Loan	5 years (60 months)	7.5%	≈ $801	≈ $8,100	≈ $48,100
Long-Term Fixed Loan	15 years (180 months)	8.5%	≈ $394	≈ $31,000	≈ $71,000
Promotional Financing (CareCredit-style)	2 years (24 months)	0% during promo period	≈ $1,667	$0 (if paid in full)	$40,000
Unsecured Loan with Average Credit	10 years (120 months)	12%	≈ $573	≈ $28,800	≈ $68,800
State Assistive Loan Program	10 years (120 months)	4%	≈ $405	≈ $8,600	≈ $48,600

Do These Loans Cover Related Construction Costs?

Installing a home elevator isn’t just about the lift itself, most projects also require construction work such as building a shaft, cutting through floors, adding electrical service, or handling permits and inspections. A common question homeowners have is whether financing programs cover these related costs, or if they only apply to the equipment. The answer varies by lender and dealer, which makes it important to confirm exactly what’s included before you sign a financing agreement.

In many real-life cases, financing offers do allow you to include construction-related work like site prep, shaft or hoistway construction, electrical work, permits, and finishing as part of the financed amount. For example, many PVE dealers’ financing lets you bundle site modifications and required structural work into the monthly payments. Companies like LightStream, via partners such as HomeLift or Cube Lifts, provide “whole project” or “installation of home improvement” funding, which typically means you can use funds to pay contractors for construction/installation. However, it is not universal: some quotes from elevator companies specifically exclude major structural modifications or permit work unless separately itemized or contracted. That means before committing, you should always ask for a detailed quote, clarify what construction or site prep is included, and confirm that the financing option accepts those costs in their loan agreement.

By weighing these factors, you’ll be able to choose the financing option that makes your project affordable without creating financial strain.