If you are seeking affordable roofing services and roofing companies that also offer financing options, you are in the right place. Construction costs are affected by inflation and supply issues just like everyone else. This means that roofing quotes are going to be higher than ever before. Even if you have a quote from a year ago, it will look completely different today. We know that not everyone can afford to pay for a new roof upfront. That is why you should investigate companies that offer financing and investigate different ways to finance your new roof.
PRO TIP: Read our post to learn what services roofing companies offer! Enjoy!
BEFORE YOU FINANCE – TAKE THIS CRUCIAL STEP!
Before you finance a new roof, ensure that you are not entitled to an insurance claim. This will only work in certain cases. However, it is always best to see if you qualify to help save some money.
If your roof has experienced severe weather or other natural acts, it could be a reason to file an insurance claim. Some roofing companies will work with insurance companies for storm damage repairs as well. Roofing companies such as AK Contractor offer financing options AND can work with your insurance! So if you are located in New Jersey, be sure to reach out to them to learn more.
TYPES OF ROOFING COMPANIES
It is also important to note that there are four different types of roofing companies. First, you have your small business company. They are going to have only a few crew members. You will find out quickly that small local companies are not going to offer financing often. This is because they are not set up to qualify for financing at that moment.
PRO TIP: Read our post to learn what the difference is between re-roofing and a roof replacement! We know you’ll enjoy it.
The next type of roofing company is a full-service roofer. They are going to work with insurance companies on claims and will often offer financing. The last two types of roofing companies are going to include sales roofers. These are going to pitch large businesses and retail. Lastly, you have your storm chasers. These are going to be people who will look and follow storm damage. Storm chasers are going to be experts on any insurance claim provided.
ZERO FINANCING – A DEEPER LOOK
It may seem like you are getting a great deal when you get zero financing. However, it can be quite the opposite. When a company offers zero financing, they are often going to be tying in extra prices for the initial payment. This includes the dealer fee, and this fee is around ten percent.
You will often get a 12 or 18-month no interest grace period. If you are to pay this loan off during this no interest period, you are not going to pay interest at all.
Keep in mind that you are going to notice your payments will not apply to your principle. You are going to make loan payments, but you are making payments towards that dealer fee. Keep in mind, the longer you are not paying interest, the more dealer fee you will pay.
Keep in mind that if you are offered zero percent for financing, you cannot use that loan anywhere else. You will need to find another financing company and reapply for a loan.
FINANCE YOUR ROOF THE SMART WAY
There is something that you need to know, you do not have to finance through the roofing company that you are using. If you want to use in-house financing, that is perfectly fine. However, there’s no harm in exploring other options!
FINANCING THROUGH YOUR ROOFING COMPANY
If the company you are looking at has in-house financing, working with them will allow you to have a variety of loan options. Keep in mind that you will not see any zero-interest when working with an in-house lender. However, you can compare interest rates and determine which one is best for you. You will see that these companies will:
- Be able to work with any type of contractor.
- Can create a project cost quickly and determine if you are pre-qualified in a few minutes.
- Will not use dealer fees to decrease interest rates on a loan.
- The company does not receive compensation for the loans.
- The company will have to pay a fee annually to use this loan service.
HOME IMPROVEMENT LOAN
If you do not have a lot of equity in your house, you can get personal loans that are designed to cover your home fixes and expenses. Rates and loan approval amounts will vary depending on the person and project.
These loans are generally fixed payments. They will not charge you a penalty for making extra payments or paying more in between payments. The application is online and only takes a few minutes.
EQUITY LOAN ON YOUR HOME
If you have equity in your house, you can often get an equity loan or even a line of credit. This is the best option for many people when it comes to financing your roof. Talk to the bank you bank with or your mortgage company about using your home as collateral. Often, up to 85 percent of the equity within the house can be applied to the loan. Remember this does depend on income and other things. However, sometimes in-house financing can be easiest.
CONCLUSION: DO ROOFING COMPANIES OFFER FINANCING?
Talk to AK Contractor in New Jersey about your financing options today! They offer financing options and are very professional and affordable roofers in Union County, NJ.
You should now have the answer to your question: do roofing companies offer financing and we wish you all the best!