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Financing Roof Repair

Financing Roof Repair

Construction workers putting shingles on the roof of a house.

If you are looking to repair or replace your roof, you can expect to pay a lot of money. Luckily, there are plenty of ways in which you can pay for it if you don’t have the money on hand.

Replacing or repairing a roof can prove to be a costly endeavor. The average price of replacing a roof in America this year is a little over $8,000. However, some people have found themselves spending much more than $10,000 on their roof. During these unprecedented times, the cost of replacing the roof can cause a lot of frustration, especially if you have found yourself in financial difficulty. There are lots of roof repair financing options you might want to take a look at.

Take Out a Personal Loan

There are several banks and financing companies that will give their customers loans to help pay for their roof replacement. You might have to visit a few lenders before you are approved for a loan. Most homeowners ask a financial institution or a bank for a personal loan.

Most banks offer their customers a few different options. Some will recommend their customers take out a short-term loan. However, if you think you might struggle to pay back that loan in the time frame, you might want to go for a long-term loan instead. However, you can expect to pay a higher interest rate on a long-term loan. Your interest rate will vary, and your credit score and your income might play a role. If there are a few banks in your local area, shop around to get the best deal.

Taking a personal loan might suit you because most of the time you can pay it back monthly. If you get approval for a loan, you can expect the money for the roof in a week or less, which is important if your roof is in need of urgent repair. However, the fees are often very high, and the interest rates tend to be higher than the majority of secured loans.


If your home is insured, you should make an insurance claim before asking lenders to borrow money. However, don’t assume they are just going to hand over the cash, especially if the damage caused isn’t obvious. If a tree fell on your roof, then they should cover the entire bill. If they refuse, you should consider asking for legal advice about the matter. In recent years, it seems insurance companies have been more reluctant than ever before to pay for their customers’ roof repair or replacement.

Obviously, they won’t cover the cost of the roof if the damage is down to wear and tear, but even if the damage is caused by something they should pay for, getting them to fork out can prove tricky.

Speak to a Roofing Company About Financing Options

Often roof repair companies provide their clients with financing options. If you are thinking about asking your roofer for a financing package, here are a few things you should consider asking:

  • Do you have to pay an upfront payment? You might not be in a position to pay a fee upfront, but some roofers will get the job done and let you start paying at a later date.
  • What are the payment options available?
  • What is the lowest amount of money you are allowed to pay back on a monthly basis?
  • What type of interest rate will they be charging you?
  • How long will it take to make a credit decision?
  • Are there any balloon payments?

Even if you are dealing with your roofer directly, you will still need credit approval. A lot of homeowners don’t realize that contractors can offer their clients financing options, so don’t hesitate to ask.

Use Your Credit Card

Only pay for your roof repairs with your credit card if you are confident you can pay back the money in a short space of time. Credit card companies have a reputation for charging extremely high interest rates. If you are unable to pay it back, you can expect the payments to build up quickly.

Find out your credits card’s interest rates before the roof repair begins. You will want to know if your credit limit will cover the roof repair cost. Only use your credit card if you have a decent credit history. If you have a bad credit score, you can expect to pay huge interest rates which you might struggle to pay back. If you miss your credit card repayments, it can have a negative impact on your credit history. You might find it difficult to get approval for a loan down the line. However, many credit card companies offer their clients incentives and rewards that you might want to take advantage of. You might even be entitled to cashback bonuses.

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