Why Roof Financing Can Be a Good Idea
It’s easy to forget about your roof, and homeowners often put off repairing or replacing an aging roof until serious warning signs appear. Other times, Mother Nature may wreak havoc with your shingles or send a wayward tree branch that causes damage.
If you’ve built up a fund for roof maintenance and repair, that’s great, but many times we’re left unprepared when roof needs come calling. Even if the damage is covered by your insurance, you may be left with a hefty deductible that’s not in your budget. Or, you may decide it’s time to replace the entire roof with new and improved materials rather than do a repair.
Here are some reasons to consider roofing financing for your roof repair or roof replacement project.
Enjoy Low Monthly Payments
When you finance a new roof through an independent roofing contractor in the Owens Corning Roofing Contractor Network, you can benefit from low monthly payments. This lets you pay for your roof in installment amounts you can afford and prevents you from having to pay for a multi-thousand-dollar roof project in one lump sum.
Depending on your payment terms and credit history, you may also be able to benefit from low-interest rates during the life of the loan.
For example, an unsecured home improvement loan of $10,000 for 120 months results in a low monthly payment of $132 with a 9.99% APR*.
Defer an Upfront Payment Without Interest
Homeowners looking to delay a lump sum payment while still avoiding interest should consider loans with 0% financing up-front with no prepayment penalties.
Installment loans that offer six months of no interest and no payments let you defer making any payments at all during the first part of the loan.
You can pay the entire loan off (interest-free) any time before the six-month deadline or begin making the required monthly payments at the updated interest rate.
Some loans let you put off making payments for a set period. Once the time is up, you’ll begin making regular payments at the fixed interest rate. This is especially helpful for situations where you’re short on cash but need to get started on the roofing project without delay for safety concerns or other reasons.
Quick Approval Process
Applying for roof financing can be an easy, seamless process thanks to modern technology. You can apply for roof financing online, via a mobile app, or call in, completely eliminating paperwork. You will need to provide an electronic signature. Once you submit your information, approval notices usually arrive within minutes.
Roof Financing During COVID-19
Due to the potential financial impacts from COVID-19, it’s more important than ever to have options when it comes to being able to afford an important home expense like a new roof.
Roof financing lets you protect your investment and keep your family safe without having to worry about making large, lump-sum payments.