Whether it’s a cosmetic upgrade or an emergency repair, replacing or repairing a roof is a capital-intensive project. Because of the cost implication attached to Roofing Companies That Finance, a lot of roofing companies provide credit options that allow for repayment over time. Let us know more detail about ‘Roofing Companies That Finance’.
Roofing Companies That Finance
Roofing Companies That Finance provide in-house Loans for roofing through third-party lenders like GreenSky, SoFi, Ally, Best Egg, Upgrade, OneMain Financial, First Tech Credit Union Personal Loan, Light Stream, Wells Fargo Personal Loan, and PenFed Credit Union Personal Loan. Each of these lenders will be analyzed below according to the technicalities of the roof loans they offer.
Roof Loans Financiers
| S/N | LENDERS | LOAN AMOUNT ($) | EST. APR (%) | MIN. CREDIT SCORE |
| 1 | GreenSky | 0 – 65,000 | 4.99 – 23.99 | None |
| 2 | SoFi | 5,000 – 100,000 | 6.99-22.2 | 680 |
| 3 | Ally | 500 – 65,000 | 0 – 26.99 | 580 |
| 4 | Best Egg | 2,000 – 50,000 | 5.99 – 35.99 | 600 |
| 5 | Upgrade | 1,000 – 50,000 | 5.44 – 35.47 | 560 |
| 6 | OneMain Financial | 1,500 – 20,000 | 18.00 – 35.99 | None |
| 7 | First Tech Credit Union Personal Loan | 500 – 50,000 | 6.70 – 18.00 | 660 |
| 8 | LightStream | 5,000 – 100,000 | 4.99 – 19.99 | 660 |
| 9 | Wells Fargo Personal Loan | 3,000 – 100,000 | 5.74 – 19.99 | None |
| 10 | PenFed Credit Union Personal Loan | 600 – 50,000 | 4.99 – 17.99 | None |
Other Roofing Companies That Finance Repairs and Replacement Options
1. Credit Card: If the cost of repair or renovation of your roof is not more than a few thousand, the first alternative should be a credit card. However, if you have reached your credit limit and there is no other card alternative, you may consider other sources of finance.
2. Home Equity Loan: This is a loan for a fixed sum of money, with your home as the collateral. You may qualify for a loan to finance your roof repair depending on the value of your house. This form of the loan bears the lowest interest, compared to other sources of finance.
3. Insurance Cover: An insurance claim is one of the toughest and most challenging ways to pay for a new roof.
It may be a little easier if the cause of the damage is evident, for instance, if a tree falls on the roof. In this instance, we should lay a claim to your insurance provider to cover the repair or replacement. However, in less obvious cases, getting cover from your insurance carrier can be difficult.
4. Personal Loan: If the cost of repairing your roof exceeds $2000, a personal loan may be an alternative. If the roof requires an entire replacement, the cost may exceed $14,000, and a personal loan may be an option. This source of finance is associated with high interest.
5. Home Improvement Loan from the Government: These are loans that are organized by the government to assist with repairs and upgrades to homes. They are the most popular form of government funding for home upgrades. Some of these loans are restricted to a particular jurisdiction or city, while others are available nationwide.
Factors to Consider Before Adopting a Roof Financing Option
There are several factors in choosing a source of finance. The factors have been summarized into two broad categories as follows:
1. Cost: The cost implication of repairs or replacement must be considered first because different financing options have a different credit limit. The cost is determined by the size of the roof, level of damage, and the time of year. The time of the year indicates the urgency attached to the renovation.
2. Comparative Analysis of Roofing Companies That Finance It is important to shop for a roofing company that is guaranteed to provide the best service with a reasonable price tag. Not all roofing companies charge the same price for the same service. Therefore, free quotations should be received by many contractors.
Conclusion
According to the U.S. Census Bureau’s 2019 American Housing Survey, homeowners spend an average of $8,371 on roofing renovations. Delaying the work may result in more expensive repairs and unhealthy living conditions. However, there are Roofing Companies that Finance helps to bear the immediate cost of roofing by providing a range of credit facilities.
Before choosing a source of finance for your home renovation project, examine your budget together with the fees, payback period, and interest associated with each source.
FAQs
- What is a roof loan?
A roof loan is a line of credit used to finance a repair or replacement of a roof.
- What are Roof Finance Durations?
There are basically short and long-term finance options. Short-term loans carry lesser interest because the repayment period is often within a year. Long-term loans on the other hand carry higher interest because the repayment period may be extended for more than a year.
- Should My Insurance Pay for a New Roof?
This depends on the comprehensiveness of your insurance coverage and the events surrounding why you require a new roof. If the damage is the result of a natural occurrence, insurance coverage may apply. However, if you want to replace it due to age or to increase the value of the house, insurance is unlikely to cover the expense.
