Depending on the roofing company you choose to go with, they may – or may not – offer financing for your new shingle or metal roof. Not to worry! Even if your roofing company does not provide financing options, there are still plenty of ways to finance your roof replacement. Check out the details below:
Roofing Company Options
If you are a working with a contractor or smaller roofing company, chances are, they may not offer financing options. In working with a smaller company, you will either have to pay for roof repairs out-of-pocket or get a loan elsewhere to cover the cost.
Medium-sized roofing companies may offer some financing options, but limited packages in comparison to a larger roofing company. Larger businesses typically partner with financing companies and are given special rates and packages due more customers using the service.
How Roofing Company Financing Works
Generally, if a roofing company offers financing, they work with a bank to help customers manage the high cost of roof repairs and/or replacements. Most American homeowners cannot pay for an entire roof replacement upfront, so a financing plan is put into place depending on a customer’s budget and roofing expenses.
There are great benefits associated with financing through your local Michigan roofing company. While direct-lender financing can be costly, companies that offer financing can usually offer special promotions and deals that beat out most direct-lender packages. Due to volume-lending, roofing companies can pass these benefits onto their customers.
Other Ways to Pay for a New Roof
“What if my roofing company doesn’t provide any sort of financing options – what do I do?”
However, always check with your roofing company to understand their financing options, as these types of deals may cost less in the long-run due to lower interest rates and at-risk assets. However, if your company does not offer any financial service support, don’t worry! There are plenty of ways to finance the roofing repair or new roof:
- Insurance Coverage – Depending on the reason for your roofing repair needs, homeowners insurance may cover the cost. If your home was damaged by a storm, fire, or theft, most policies will pay for the damage. You’re out of luck if you need repairs due to lack of maintenance or age!
- Personal Loan – A personal loan usually has a higher interest rate than most loans, but you can still borrow up to $100,000 without offering any form of collateral at risk.
- FHA Title I Home & Property Improvement Loan – The Federal Housing Administration (FHA) runs and insures this loan program to help reduce lender risks.
- Home Equity Loan – You can also work with your bank to take out a home equity loan, where your home’s equity acts as collateral for the loan.
Looking for more information on how to finance those roofing repairs? Contact Herbert Roofing at (855) 542-7663 or send us a message online to talk with one of our experts. We will be sure to get all your roofing questions answered!