Roof replacement is an important investment. The good news — there are plenty of financing options available to make sure you’re not breaking the bank, shingle by shingle. Companies that offer financing can offer special promotions that beat banks and other lenders. These companies get special rates from the banks because of volume lending. They can pass the benefits along to their customers. When you’re looking at options for financing a new roof, it’s important to know what to look for in a creditor or lender. Also check whether the interest rate is fixed or variable—fixed is generally preferable, as variable can mean it increases at any time. If you need a large lump sum for one major project—like roof installation—a loan with a higher maximum is preferable.
If you’re planning to pay partially in cash and only need to borrow a relatively small amount, you’ll have to make sure the amount you want to borrow is at or above the lender’s minimum.
If you plan on continuing home improvement work, the option to use revolving credit (where you can use the credit over and over again, as long as you keep paying it off), may be a good choice. Also, when you’re financing a big project like roof installation, it’s important to borrow only as much as you need. That’s why the next step is seeking estimates for the cost of your roof installation.
If you already know which roofing company you want to work with, and you trust their estimate for the work, you may not need to compare several different options.
However, if you haven’t worked with a company before, it is wise to compare several estimates from different companies to find the most competitive rate for the highest-quality work. Estimates should always include the cost of materials, as well as labor. Once you know how much the roof work will cost, it’s important to create a budget to hone in on how much you need to borrow.
Even a simple budget can help you determine how much wiggle room you have to pay cash up front and how much you can afford to pay monthly on a loan or credit card. If you need more information on the benefits and drawbacks of a financing your new roof you can visit this article>> if you are trying to determine whether or not roof financing is right for you. If you do decide to finance we do our financing through GreenSky. call HydroTight today for more information!