How can you get a new roof with financing, and what are the options?
Short answer. Common ways to finance a new roof include contractor-arranged financing, a home equity loan or line of credit, an unsecured personal loan, and, if a covered storm caused the damage, an insurance claim that leaves you paying mainly your deductible. Compare the APR, total cost, fees, any deferred-interest terms and prepayment penalties, not just the monthly payment.
The main options
- Contractor-arranged financing. Convenient and fast, often applied for online. Read the fee and rate terms, and watch for promotional periods where unpaid interest is added back if the balance is not cleared in time.
- Home equity loan or line of credit. Often lower rates because the home secures the loan, but closing takes longer and the house is collateral.
- Personal loan. Unsecured and quick, at higher rates than home equity borrowing.
- Credit cards. Usually the most expensive way to carry a roof balance for long.
- Federally insured home improvement loans, available through some approved lenders for qualifying borrowers.
Check insurance first
If hail or wind damaged the roof, a covered claim may pay most of the cost. Have the roof inspected before you finance a full replacement out of pocket. Roofers cannot legally waive or rebate your deductible in Georgia, so do not let anyone build that into a financing offer.
Fine print worth reading
- APR and total of payments over the full term.
- Origination or dealer fees.
- Deferred-interest clauses.
- Prepayment penalties.
- Whether the loan or the contract places a lien on your home.
Never sign financing paperwork at the door on the day of a storm pitch. Robust Roofing explains its own financing options online. See roof replacement cost in Georgia and how to choose a roofing contractor in Georgia.