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How to Finance a New Roof

new roof

If you’re a homeowner, you know that home improvement projects are most often more than you can afford all at once. Yet if your roof is leaking, you have little choice but to fix the problem.

You’re no different than most people, who can’t pay for their whole new roof all at once. For this type of project, which may cost you anywhere from $10,000-$50,000, you have options for how to get funding. Read our guide below to get started.

 

Use Your Savings

It’s possible you’re here looking for help because you don’t have the cash in your savings to spend on a project this big. But maybe you’re here planning ahead.

If so, the best possible option for financing a new roof is to figure out how much from your budget each month you can afford to save. Then set it aside and watch it grow each month until you have enough for your roofing project.

 

Credit Card

You may qualify for a new credit card with no interest for an introductory period. If you are focused enough and do not charge anything else to the card, this may be a viable option. Yet, you should only use a credit card if you have the self-control necessary for making the payments and not maxing out the card.

For whatever period of time you have no interest (12 months, 19 months, whatever the deal is), divide your roofing cost by that number. You’ll have the amount to pay each month to pay off the roof without interest.

This financing option is the most expensive if you do not pay it off before the interest hits. With rates like 26% interest, a personal loan is a better option.

 

Financing A New Roof with An Unsecured Loan

If you aren’t sure what an unsecured loan is, the term may scare you a little. Unsecured – does that mean it’s not safe?

Actually, it may be safer. It means that your house, or any other collateral, is not put up as security when you take the loan out. The bank doesn’t have property to reclaim if you can’t pay it back.

That doesn’t mean that you can’t lose any of your assets if you are unable to make your payments. But it does mean that the lender has to go through the collections process to recover what they can.

The same is true for any home improvement project. No matter the reason you took out the unsecured loan, all it means is that there was no security put up as collateral.

 

Starting the Project

For most people these days, using your savings or a new credit card isn’t an easy or viable option to finance a new roof. The best choice for your project may be an unsecured personal loan.

It’s easy to fill out our 60-second loan application, and it won’t affect your credit to see your rates. You can pre-qualify and obtain unsecured home improvement loans when you visit our website today.

Matt: