Flexible Financing Options
You don’t need us to tell you just how expensive new roof installation or roof repair can be, especially in the current climate. The long bill can indeed be intimidating. Thankfully, there are plenty of roof repair financing options to choose from, based on your resources and requirements. Some of them can even cater to the needs of middle-income households.
Read on to know four of such flexible financing roof repairs options available.
1. Personal Loan:
A roof loan or a personal loan is a loan that provides you with a fixed sum of money to get the job done. The borrowed money is then repaid over a few years with an interest rate. Your credit score and history determine the duration of the repayment. If you cannot pay for the roof repairs or new installation upfront, you can approach a bank or credit union and have your agreement drawn out. In this type of loan, the best part is that you won’t be expected to gamble on your property or any other assets in the form of collateral.
2. Roof Company Financing:
Many roof companies have begun to offer their own financing options. The proprietors of such businesses know just how expensive roof repair or installation can be, so they provide some relief in the form of loans with no hidden costs involved. Of course, the company is likely to charge interest, but most of the other financing options will come with this drawback too. Nevertheless, in many ways, going for a company’s financing options is way better than asking for a loan from a bank directly.
If you live in Miami, you can arrange a fair deal on your house’s roofing from Big Al’s Roofing. We offer a plethora of roof repair financing options to choose from. Contact us to get a quote on the project.
3. Credit Card:
If your credit score and credit history are strong, paying up for the repairs through a 0% interest credit card is the best option for you. This option is especially ideal for people who are looking to invest in low-cost maintenance. However, the debt repayment duration will be considerably shorter than a personal loan; even some roof companies provide a more extended repayment timeline. Thus, it will ultimately boil down to your financial resources.
4. Home Equity Loan:
A home equity loan is another viable roof repair financing option. This loan, also known as the second mortgage, allows you to use your home’s equity as collateral on the borrowing. The repayment timeline of this loan can lie anywhere between 5 years to 30 years, depending on several factors. It can be an excellent option for financing roof repairs, although there are certain disadvantages to it. For one, it takes too long for the approval to come through. The second drawback is that you’d be making a huge gamble on your house. You could lose the property if you fail to keep up with the repayments.