The answer is yes, in most cases. Yes, most roofing companies offer financing options. While some roofing companies provide in-house funding, most offer it through an outside funding company. These loan options range from revolving credit card accounts to installment loans with fixed rates and payments.
Approved borrowers are rewarded with comparatively low APRs and no origination fees, late fees, or prepayment penalties. However, SoFi does not provide direct payments to the borrower's other creditors, so the loan funds will be placed in your bank account and you will have to pay the other lenders individually. The platform also offers customers a number of other benefits and discounts, including unemployment protection and the ability to change the due date of their payments once a year. LightStream is another option for those with a strong credit profile, but it does not offer potential borrowers the ability to prequalify for a loan.
Additionally, LightStream does not accept co-signers, but potential borrowers can submit a joint application. Roofing companies may also offer financing options, although large domestic corporations often have financial partners that may not be available with a small or local supplier. It is worth considering if you're unhappy with other funding options. Do roofers offer payment plans? Many do. They understand that some of their clients can't pay for their work unless they provide them with financing.
Your roofer's company can offer its own funding or manage it through a third party. Either way, evaluate this loan as you would any other. Compare the interest rate and associated costs with those of the other financing options available. Roofing companies that offer financing will also accept cash; you don't need to tell them you got the cash from another funding method. You can choose a personal loan, credit card, home equity loan, or home equity line of credit to cover the costs of a new roof.
Don't spend your new loan or credit on anything other than replacing the roof, as you could risk violating the terms of your loan or making the loan harder to repay. Americans can find refunds that may apply to their new ceiling by searching for Department of Energy tax credits (through the DSIRE). Natural Resources Canada also has a searchable reimbursement database. Because tearing out old roofs often involves contact with asbestos materials and their removal, stringent management and disposal requirements create additional costs. If you're budgeting for an expensive roof replacement in the future, or planning to exchange it for higher-quality materials, a home equity loan gives you the security of a fixed rate and terms of up to 30 years to get the lowest possible payment. Some lenders may also require that the roofing project be completed in a certain period of time, usually within 12 months. With the best loan providers, contractors receive a one-time payment directly from the lender once the customer's loan disbursement has been approved and the customer repays the loan directly to the lender.
Many banks and credit unions offer HELOCs that can be closed in a matter of weeks, which is useful if you need your roof repaired as soon as possible. However, a roofing contractor loan is the only option that should be used exclusively for roof-related repairs. If you need to replace the roof, rest assured that there are funding options that can help you spread this expense over time. While standard asphalt shingles are a practical and effective material for building a roof, other options offer greater longevity, greater respect for the environment, or improved aesthetics that some homeowners prefer. So, if you're thinking about selling your house in the future, it's important to keep this in mind and choose a roof that adds value to your property. The Department of Housing and Urban Development offers these loans through pre-screened lenders, and to qualify, there are some conditions you must meet.