You know that you’re in desperate need of a new roof.
But if your homeowner’s insurance doesn’t offer coverage, you may be concerned about how to finance a roof. This is especially true if you have less-than-perfect credit.
Luckily, you have lots of options when it comes to roof repair financing.
Read on to learn what they are and where you can go to get expert roof repair.
1. Consider Point-of-Sale Financing
Depending on the company you’re working with, you may be able to apply for roof repair financing directly from the contractor.
You’ll be able to choose from quotes provided by a few different lenders. This means you’ll have much more of a choice when it comes to the roof repair payment plan, the terms of the loan, the interest rate, and any kinds of fees associated with taking out a loan.
This is a great option for those who want to have the option to break up their roof payments over the course of many months.
2. Take out a Personal Loan
Especially if you’re looking for roof financing bad credit options, a personal loan may be the right move for you.
Often, there are many personal loan options that don’t require perfect credit. Plus, making payments on time and in full gives you the opportunity to repair your credit score and get your roof repaired at the same time.
Personal loan interest rates are usually lower than the rates associated with a credit card. Plus, the approval process is generally quick, meaning that repairs after a serious disaster can happen quickly.
3. Try a Home Equity Line of Credit
Financing roof repairs can also be accomplished through a home equity line of credit.
Here, you’ll need to be willing to put your home up as collateral, as this is a secured loan. This is another option that’s likely attractive to those who don’t have excellent credit.
It’s also a good choice for those who are looking to avoid paying high-interest rates. In some cases, you may even be able to get a tax deduction on the interest. This is especially likely if you can show that the roof repair (or replacement) drastically improves the home’s value.
However, the consequences for a failure to make payments here are especially severe—the loss of your home.
It’s important to take your time and shop around if you’re applying for a home equity line of credit to protect your house.
Which of These Roof Repair Financing Options Works for You?
Whether you apply for a personal loan or speak to the contractor about point-of-sale lending, we hope this post has helped you to better understand your roof repair financing options.
Roof repairs and installations are a major investment. You need to make sure you’re getting the best possible work done on your home.
That’s where we come in.
We offer a wide variety of roofing services in and around the Denver area. Reach out to us today to get a stronger roof over your head.