Roof financing options can be a lifesaver when you need a new roof or a major roof repair, but it’s important to be choosy with whom you open a loan. Here are some options to consider:
Financing Options
Cash or Check
Paying all at once with cash is certainly the easiest and simplest way to get the job done! Not everyone has the means to pay for a new roof with 100% cash (or check), however.
Credit Card
Putting your new roof on a credit card can be beneficial if you have a card with generous rewards and incentives, especially cash-back bonuses.
Personal Loan
Personal loans are available for roofing, vinyl windows, and other home improvement projects, depending on loan approval factors which vary from lender to lender.
Home Equity Loan
Home equity loans can be great if you have equity built up on your home and if you’re looking for a non-variable and predictable payment schedule.
Insurance Coverage
One of the trickiest and most difficult means for paying for a new roof is through an insurance claim.
Roof Company Financing
If you don’t have cash on hand to pay for the roof in full or any home equity available to spend on replacing your roof, then you could decide to choose a contractor who offers financing themselves.
Government Funded Home Improvement Loan
The FHA Title I Property Improvement Loan is available if you own a single-family home and meet certain conditions.
Companies That Offer Roof Financing
Mr. Roof
Mr. Roof offers financing with approved credit through Wells Fargo Bank, N.A. an Equal Housing Lender, and also offers financing options through GreenSky, a leading provider of home improvement loans.
Owens Corning
Owens Corning is a well-known and reputable brand in the roofing industry, and their financing options are designed to help customers achieve their roofing goals without breaking the bank.
GreenSky
GreenSky is a third-party financing company that offers payment plans for a variety of home improvement projects, including roofing.
FAQs
What credit score do I need to qualify for roof financing?
A good credit score is required to qualify for roof financing, but the exact credit score required varies depending on the financing option and lender. Generally, a credit score of 650 or higher is considered good.
Can I finance a roof with bad credit?
Financing options for customers with bad credit are available, but you may be required to pay a higher interest rate or provide a larger down payment.
What is the maximum financing term for roof financing?
The maximum financing term for roof financing varies depending on the financing option and lender. Generally, financing terms range from 6 months to 12 years.
Can I pay off my financing agreement early?
Yes, you can pay off your financing agreement early, but you may incur additional fees or penalties.
Do I need to make a down payment?
A down payment may be required for some financing options, depending on your credit score and financing terms.
In conclusion, roof financing options can be a lifesaver when you need a new roof or a major roof repair. Be sure to do your research, choose a reputable company, and read the fine print before signing any agreements.
