Has your roof experienced some unexpected damage and now it needs repairs? If you do not have the cash on hand to pay for these repair costs or a roof replacement, you have some options. Many roofing companies finance their work. According to Active Roofing & Exteriors, you only need to know where to look to find easy terms and low down payments.

Do roofing companies finance?

Many roofers will finance your roofing project, making it easier to afford the work you need completed. But you need to ensure you are not taken advantage of in the fine print of the financing agreement.

Financing is a great option when insurance companies do not cover the costs of your roof repair or replacement. In fact, many roofers have a specific financing company they work with on a regular basis that will help you finance your repairs. Or, if you have worked with the same roofer before, they may allow you to finance through in-house terms.

Remember, your roofer wants to do the work for you. They just need to have some assurance that they will be paid for their time, materials and labor. This is why financing works great for both sides of the deal. To find out what roofing companies finance, simply ask the roofer providing your price quote. You can also talk to potential roofers before they come to your property. Simply call the companies and ask the customer service representative if they provide financing.

Will roofers finance people with bad credit?

If your credit is below average or worse, you may still have some options for financing your roof repairs. These options include:

Credit Card

If you have a credit card with enough available funds, using that card to pay for roof repair makes sense. But roofing can be costly. The repair work may require more than one credit card, and you could max out your balance. If using this method of paying for repairs, ensure you can keep up with the monthly payments. Some credit cards, particularly for people with below-average credit scores, charge extremely high interest rates. These can add up quickly and make it hard to keep up with payment on the debt.

Home Equity Loan

Depending on your home’s value and your mortgage amount, you can possibly qualify for a home equity credit line. Home equity lines of credit exist for sudden expenses like roof repair, especially since you are adding value to the home on which the bank holds the mortgage. Talk to your banker for insight into whether you may qualify.

Homeowner’s Insurance Policy

Your homeowner’s insurance agent can help you understand whether your policy covers roof damage costs. If the damage occurred because of a fire or storm, they are likely to help pay for at least part of the repairs, if not all. But if the damage occurred because of poor maintenance, you can expect little to no help from the insurance company.

Personal Loans

Personal loans are a good method of paying for roof repairs when those costs will exceed $2000. The more expensive your repair or replacement, the better a personal loan fits. A personal roofing loan is sometimes called a home improvement loan or a zero equity loan. Always ensure you read that fine print in your loan agreement and check the associated interest rate.

Since the financier is not associated with your mortgage, they cannot foreclose on your property if you struggle when paying back your loan. But you can expect a high interest rate. Most lenders also require you to have a credit score of 620 or higher, too. However, if you spend a little time doing some research and looking into lower credit score options, you can find a company willing to provide a zero equity loan for your roof repairs or replacement costs.