WILL ROOFING COMPANIES FINANCE ROOF SERVICES

The short answer to “Will a roofing company finance their roof services” comes down to a little bit of grey area. Ultimately, it’s going to depend on which company you choose to work with and if they offer financing. Not all roofing companies offer financing, which, if it’s important to your project, can be a key differentiator between Company A or Company B. Even if two different roofing companies do offer financing, the type of financing may differ from being offered “in-house” or being a 3rd party financing solution.

In this article, we’ll take a deeper dive into how to find a roofing company that does offer financing and determining what types of financing they may have available for your roofing project.

Not all roofing companies are the same. Some roofing contractors focus on chasing storms and are very insurance focused to get their work paid for. Other roofing companies are cash centric and require payment up-front before providing any services at all. Then there are roofers which are a more “full-service” focused brand that provide more services and features, like financing. These “full-service” roofing companies are the types of companies that you are going to want to find, if financing your roofing services is important to you. In addition to offering financing for your project, “full-service” roofing companies also tend to have better customer support, service larger areas, and provide better warranties for their work.

In-House Roof Financing

In-House financing is very much like it sounds. It is financing that is available through the roofing company. They pre-approve you, provide your with rates, terms, as well as what the downpayment will be. They can often be the best type of financing for roofing because everything is handled by the same company. Roofers that offer this type of financing are also usually able to pre-qualify you in minutes, rather than days!

Third Party Roof Financing Options

 3rd party financing solutions are financing solutions that are available through a bank, credit union, or other funding source that is separate from the roofing business. These are loans that you would have to secure on your own, which means that you would have to apply, get qualified, and work with whichever lending provider you choose to repay your loan. This can be a good option for when a roofer doesn’t offer financing, but usually the terms are a lot more stringent.

A Home equity loan may also be available to you, if you are unable to secure a personal loan for your roofing services. I this case, you can usually apply online to a bank or credit union, which may take a few minutes. You will then be notified within a couple of days if you have qualified for your home equity loan. This can be a great way to get funding for your much needed roofing repairs.

An additional avenue for funding may be to ask your bank about a home equity line of credit. This is also a 3rd party solution that may be available to you to finance your roofing services. If you have a lot of equity in your home then you may be able to use this option to borrow against your home. This can also be the riskiest option because if you default on your loan you may lose your home in the process.

Finally, there are some government programs and options that are available to consumers that are in need and have fallen on hardships. These funding options allow for you to pay for your roofing services with the help of government grants, however you need to find a specific program and determine if you qualify for that program. You may or may not meet the program requirements. Check with your local county government office to see if a program does exist in your area and to learn more about any available programs being offered.

In a perfect world you would be able to pay 100% of the money owed for your roofing services in cash. But, you wouldn’t be reading an article about how to finance your roofing services if you had that kind of money laying around. So, with that said, it is probably best to try to find a roofing company that offers their own in-house financing options. These are the best options because they offer the most flexibility. The next best option is to secure a 3rd party loan from a bank or a credit union. This will allow you to fund your roofing services and still provide some flexibility. The last resort option should be to get a home equity line of credit just because of the level of risk involved. However, you should always consult with your financial advisor and do what is best for you and your situation.

Roofing GR is a roofing company that does offer in-house roofing services. We understand that roofing projects can be expensive. Therefore, we are always looking for ways to make it easier for our customers to finance their projects. If you would like to discuss our in-house roof financing, then please give us a call. We will need to help you will a credit application and get some additional information from you, in order to prequalify you. Once you are prequalified, we can then move on to getting your roofing services scheduled and completed.